39 Burst results for "Bank"
Fresh "Bank" from Mark Levin
"Has the power to bring kindness where it's needed It brings out the best in every one of us It doesn't just see people It takes time to understand them It puts the needs of others ahead of its own And when you start with care you end up with a very different kind of bank Truest Truest bank member FDIC Traffic in transit some better news on the inbound George lower level underneath the apartments the emergency roadwork blocking one left lane now to lay down and broken with an accident on the BQE north that it metropolitan avenue four hours and counting with a crash on the cross Bronx westman on the Alexander Hamilton bridge accident in Rochelle park 17 south at its central avenue single lane with an accident in Alpine on the palisades Parkway north Benedict four I'm Susie Cerone on talk radio 77 WABC He's here Now road.
'You Will Be Assimilated' Author David Goldman on China's Contempt for the U.S.
"China is not an enemy. And I think that's important for people to clearly understand. China is a rising power, China has been a rising power since Deng Xiaoping in 79. And they are going to develop themselves in our developing themselves into a great power. That is not to say, however, that they are an enemy. They're not an enemy. They're just a great power. That's according to the chairman of the joint chiefs when he was speaking in his private capacity as chief of staff of the army. The NATO summit, maybe that explains a lot about Mark Billy. We'll discuss the realities of what China thinks they are to us and how they're eating our lunch with the man that we always rely upon to tell us about the geo strategic reality in Asia and in Beijing. He's the author of a fabulous work you must check out right now. It's you will be assimilated. China's plan to Sino form the world. David Goldman. Welcome to one on one. A sub gorka it is an honor and privilege to spend fine with you, sir. Thanks for the invitation. I just realized I'm looking at the cover of your book that the Chinese dragon has a pair of iPhone ear pods in. That's a very nice little touch there. I missed in the past. David, we'll talk about Millie. We'll talk about the truth of China Beijing. Xi Jinping and everything else. But first, I have to ask you. The imagery of these super cargo ships off the port of LA, the president of the United States saying, oh, no, don't worry about it. And then Jen Psaki saying, oh, that's a high class issue. People having the Christmas present. So that's, you know, the pipes don't worry about that. Let me ask you, let's think like the Chinese Communist Party for a moment. What does China think of the fact that America can't unload its cargo ships? The Chinese have contempt for us. They think they can take us. We just published an a four times an excerpt from a book by Chinese economist used to be the chief economist of the World Bank Chicago university PhD. Who says, look at history. Look at the United States versus England at the end of the 19th century. The English were lazy complacent and the United States come from behind, took them out and ate their lunch. That's exactly what we're going to do to the United States now. We've got the people. We've got the supply chains. We've got the technology. We've got the will to do it. America's lazy and feckless and their right for the
Fresh update on "bank" discussed on All Things Considered
"And Culver City California and Wayne Brown On Capitol Hill Senate Democrats are looking to revise a sweeping elections Bill testing objections from Republicans with a vote plan for tomorrow Majority leader Chuck Schumer challenged Senate Republicans not to oppose the measure and at the very least he says vote to open debate If our Republican colleagues don't like our ideas for fighting voter suppression and guarding against election subversion then they ought to tell us what they have in mind If they're so confident of their position then let's debate the issue on the Senate floor What is there to be afraid of by allowing simply a debate The push for new federal voting protections comes as Texas and other Republican led states and act tighter restrictions on voting Some prompted by false claims of widespread fraud in the 2020 election critics argue it's a return to Jim Crow style restrictions that will make it more difficult to cast ballots especially in black Brown and low income communities The Biden administration and Senate Democrats are scaling back a proposal designed to help identify tax cheats in PR's Scott horsley reports measure would require banks to give the IRS more info about money flowing in and out of people's accounts The administration wants to track total annual deposits and withdrawals from bank accounts to help the IRS identify people who may be hiding income and evading taxes But in the face of strong opposition from banks in the GOP the Treasury Department has agreed to tweak that proposal banks would not have to report on accounts with less than $10,000 in total deposits or withdrawals each year and deposits from paychecks and government benefits would not be counted The proposal aims to level what supporters call a two tiered tax system the IRS already knows what ordinary wage earners make but people who make money in other ways have more opportunities to conceal their income and avoid paying what they owe That's Scott horsley This is NPR From W ABE news in Atlanta I'm Emile Moffat It's four 32 A Decatur woman is fighting to stay in her home of 27 years Her story speaks to a larger issue in Atlanta and has become the center of a campaign from local housing advocates Stephanie stokes has more Good afternoon.
Pelosi: 'Yes,' IRS 'Tracking' of Bank Accounts Over $600 Still on Table as Opposition Grows
"The idea would require banks credit unions and other providers of financial services to track and submit information to the IRS about the total inflows and outflows of every account that features a balance over $600 at any point during the year or with at least that much an annual transactions. Speaker Pelosi was asked about it this week. Yuri, let's play. Can we play the Nancy Pelosi clip? She was asked about this by a reporter and she seems very intent on making sure this is part of the Democrats reconciliation package. Listen to this day, listen to this David. In the build back better build that's been proposed is IRS cracking down on the banks are starting to get calls from customers and they're reporting these calls. They're concerned about its tracking of transactions that is greater than $600. So Americans are starting to be worried about this. Do you think that this paper of getting the IRS more money to check on an unpleasant taxes is going to stay in the reconciliation? Yes, what do you think? Yes. Yes. Yes. Yes. Well, I mean, with all due respect, the plural of anecdote is not data. I've said that before here. Yes, there are concerns that some people have. But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure. I think 600. That's a negotiation that will go on as to what the amount is. But yes. That is very clear. This is going to happen as far as if they get their way. But David Williams, there's been a tremendous amount of pushback from customers from Americans from the lobbyist with the banks, maybe maybe this is something that doesn't soar through the way the Democrats hope it
Fresh "Bank" from Here and Now
"In Harvard's Chan school of public health And found 34% of families with children too young for school had serious problems finding child care in the past few months when adults needed to work And perhaps not surprisingly 44% of all households with children under 18 were struggling financially That figure included a majority of both Hispanic and black households with children Anya cabinets NPR news As President Biden's bipartisan infrastructure Bill gets held up over disagreements in his other spending plans traffic on the nation's roadways is up This says people return to the office or road trips following pandemic lows The federal highway administration says they drove some 8% more miles in August versus the year before the nation's collective odometer ticked up by 273 billion miles in August alone The families of the 17 people killed in the Parkland Florida high school shooting have reached a $25 million settlement with the school district and Pierre's Greg Allen reports dozens of others traumatized or injured in the 2018 massacre are also sharing the settlement A lawyer representing 5 of the families confirmed the settlement noting its structure in a way that allows the school district to pay the claims without seeking approval from Florida's legislature The agreement comes more than three and a half years after a gunman walked on the school's campus and shot 34 people killing 17 The agreement settles claims from the families of those killed and all but one of the injured It also makes payments to 19 people who suffered trauma The settlement comes just days after lawyers for the troubled former student Nicholas Cruz told a judge their client would plead guilty to 17 counts of murder Greg Allen and PR news Miami President Biden's nominee to lead U.S. customs and border protection made his case today before a Senate committee Chris Magnus says he would enforce the law at the southern border with a process that is humane illegal crossings have soared there Republicans pressed but Magnus avoided saying whether the Biden administration's policies have encouraged Illegal immigration And you're listening to NPR news Israel is granting residency papers to undocumented Palestinians in the West Bank and peers Daniel estrin reports from Jerusalem Israel says it's part of a new government policy to ease the lives of Palestinians Israel's new government says it won't enter peace talks with Palestinians but will lift some restrictions on them The latest step is new documentation for about 4000 Palestinians and the Israeli occupied West Bank These are people mostly of Palestinian origin who came from abroad or from Gaza and have lived in the West Bank for decades Since violence erupted in 2000 Israel has not updated their ID cards or granted them permanent residency papers at all Many risk deportation The legal aid group homo kid says Israel's new documentation gesture is a drop in the bucket leaving tens of thousands more undocumented Palestinians in limbo Daniel Esther and NPR news Jerusalem Facebook will pay millions of dollars to settle claims it discriminated against American workers The Justice Department sued the social media giant saying it illegally reserved hundreds of well paying jobs for foreigners and discouraged U.S. candidates from applying The company will pay a near $5 million fine to the government and up to 9 and a half $1 million to eligible victims Parts of the West Coast are set to get soaked by a series of Pacific storm systems It will provide some relief to drought stricken areas in California Oregon and Washington but with more powerful storms on the way later this week the national weather service says burn scar areas could experience debris flow and flash.
Treasury Secretary Janet Yellen Is Building an Army of IRS Auditors
"Ladies and gentlemen they don't need 85,000 new auditors to get billionaires and millionaires There aren't enough billionaires and millionaires for $85,000 It aimed at you and I'll prove it to you again Because they want every transaction involving $600 to be monitored by the Internal Revenue Service That's not the case right now $600 Well you're not going to catch tax cheats with a $600 transaction This is just a way to get the foot in the door so they can spy on you and threaten you That's what we're talking about So here's Janet Yellen on CBS evening news last evening And she's asked about this by Nora O'Donnell Let's go to cut 8 Go You want banks to report transactions of $600 or more That's what the IRS wants Does this mean that the government is trying to peak into our pocketbooks If you want to look at $600 transactions Absolutely not I think this proposal has been seriously mischaracterized The proposal involves no reporting of individual transactions of any individual Look yes it does What are you talking about Yes it does A $600 transaction They want to be able to Monitor it And the banks have to report it What is she talking about These people on this administrator they lie worse than your typical American Marxist
Fresh update on "bank" discussed on Fear And Greed
"Shown plenty of stories to discuss this morning. The reserve bank released the minutes of its board meeting. Two weeks ago it seems to be pretty relaxed about inflationary pressures around the globe. Even if investors does it does and while investors a now pricing lift in the official cash right possibly at the end of next year the reserve bank is still looking at twenty twenty four. That's eighteen months to two years later. Bond markets have sold off in recent sessions pushing yields higher. That's just vistas think. Interest rates might start rising. Before the tom table. There's a disconnect between the central bank and the market at the moment investors are focused on price precious. Globally new zealand's inflation rate is almost five percent. We saw that a couple of days ago but the reserve bank is focused on wages rising in australia. Because that's a prelude to inflation and there's just no sign of wages rising at this point. The banks minutes said underlying inflation pressures in australia with more moderate than other advanced economies. We'll have to wait and see how that guys right now. What's the latest covered news. Well let's start with australia. It's opening up its border. No yes to queensland is at least that some sort of breakthrough. i think they'd be nine new cases in western australia. Queensland for a number of weeks now and so those two states can visit each other down. South was seventeen hundred and forty nine cases in victoria. It's vaccination rates at more than sixty seven percent in. The state is due to leave lockdown tomorrow night. Last night. I turned up to new south wales travelers. So that's corentin free movement between two states as long as you are vaccinated. Of course. The ict recorded twenty four new cases yesterday and their two hundred seventy two new cases in new south. Wales that steitz chief health officer carry chain said she expects to see the impact of the end of lockdowns in the case numbers by the end of next week. And of course that's crucially important for both health and economic reasons does shawn. I mentioned this one at the top of the show. But tab corpse revenue has been dragged lower by lockdowns closing the local tayebe bay and a straddling to flocking to online bookmakers ashore temp corp held. Its agm yesterday and it said wagering. Revenue was down seventeen percent during the september quarter. That's a massive drop. The boss dive rat and bre said it was tom to live with applying fail between tag coke and online book. Mike is he said he's business. Had returned forty percent of its revenue from its wagering division to the racing industry whereas online bookmakers returned around half of. I'm not sure if those numbers but there's no doubt the online bookies do seem to get a bit iran this plenty of gang on that sector at the moment. Michael remember on monday aristocrat. Leisure said it would spend nearly four billion dollars in a real money gaming sought. We're waiting for the outcome. Of the victorian royal commissioning to crown. That's ju- shortly. The style management feis public hearings after meteorology gatien's of dealing with organized crime at the venues. This industry is in a state of flux. There'll be a lot of change in the next few months that's shown one of sales most promising new drugs to sit to stop phase three trials before the end of this financial year..
Virginia Mother Who Survived Chinese Communism Sees Parallels in America
"One one Epic times It's a great resource Virginia mother who survived Mao's cultural revolution Sees parallels in America The communist political movement that devastated China decades ago is unfolding in America warned Xi van fleet A parent turned activists who made national headlines after speaking out against critical race theory at a school board meeting She said when the cultural revolution started I was a first grader She said that all classes ceased at schools and colleges as older students proclaimed themselves Mao Zedong's red guards In bowlen by mouse slogan to rebel as justified the red guards did not hesitate to instigate violence and destruction on everyone and everything they considered counter revolutionary She said with Mao's approval no one could stop them Recalling a story she heard from someone who witnessed the red guards beating to death a man who was deemed an oppressor and exploited for simply being able to withdraw a large sum of money from his bank Don't tell secretary Yellen this The perpetrators face no consequences for the killing since the criminal justice system was already paralyzed Another key figure of the red guards movement was to attack the four olds namely old ideas old culture old customs and old habits To enforce what van fleet described as a cancel culture the red guards would go door to door to search and destroy any item that was connected to the period before the communist takeover of China She said I remember this whole street was just a mess of things destroyed And the people those homeowners howling and crying While the madness and lawlessness of Mao's cultural revolution may sound extreme to Americans van fleet warns that America's following a similar
Fewer in US turn to food banks, but millions still in need
"An Associated Press review found the distribution numbers from food banks across the country have dropped over the last six months but the need is still elevated Katie Pitts Gerald is the CEO of feeding America she says the amount of food being distributed by their more than two hundred partner food banks is still fifty five percent above pre pandemic levels in Fresno at the central California food bank numbers have leveled off but remain twenty five percent higher than in twenty nineteen staff there report that many people are still out of work particularly women who are primary care givers in the home foodbanks are trying to predict how long the elevated level of need will last taking into account child tax credit payments but also the end of the nationwide eviction moratorium and expiring unemployment benefits Jennifer king Washington
A Digital Paradigm Shift Through the Lens of Finance - Greg Cross Co-founder of Soul Machines on Virtual Humans and Interactive Animation - Voicebot Podcast Ep 230 - burst 11
"I think of banking and finance is a good way includes the will becoming more transactional. Yeah when when. I grew up my mom and dad to go into the bank of reweight. Bank the patriot. Yo by that used to have to go to the bank every week. Get cash Yet this year that's long gone as many generations of technology that that have come along but is the bank managing you every single one of the customers by nice again Over time your so. We go through numerous now to the point where we'll right now and it what's happened in the code will in many parts of the world was young pool with you know seeing some of our big banking clients on a regular devices and people thought that pre cover that they had pretty high penetration rights of iran on smartphones. But guess what they went through the roof last year could banks because all of a sudden the banking completely Spliced retail bank The the the that that evolving competitive sh- paradigm shift between the banks and the digital banks and the traditional banks. We saw we actually is to become a stop become one So net will you. People have stopped yemen. This was something. I your head really thought about to be honest but i still into co own australian bank couple of weeks ago and Cash handling has plummeted one of the big reasons to have a retail retail branch which is cash handling a type of people. Don't wanna handle keishi anymore aside. We've move money as become eletronic Yeah and look. I obviously haven't traveled use the last twelve months. I mean in the in the us. Yo you can't go anywhere without a dollar bill but but literally The amount of cash physical cash in circulation this changing so these signs of some of the macro trends that again to emerge for of banking for retailing The consumer good as we stopped move forward into the future. I think of the rise of e-trade is an interesting example. Here before e-trade came up no one would think about buying stocks without a broker with. They had a personal relationship with charles. Schwab was popular. But you would call somebody place the order for you and what we see now is stock trading. There is no human behind it made if we look. Robin hood is sorta z. A perfect example of the next phase of that but you know obviously two generations past banking since then obviously with the kick in the pants from ed even accelerated that process which has been underway for twenty years. But i think you're drawing an interesting thesis here that every industry is going towards that same evolution. It's just the question is how far behind banking are they. Are they right behind banking and that they're going to this more high transactional relationship versus high relational interaction or are they. Are they a few years. Do they have a little time before. That really takes. Hold look I think every industry is every industry is having to think in in the in the world we live in today is having to figure out how mun digital impacts every aspect of business. Today i mean with me ultimately. We are in enterprise software. We sell solutions to begin prize. But i've got a. I've got a lad sales organization in the us and that that now selling to Yeah the now selling to Your c. level executives in big corporations Your enterprise selling young for my whole career has been about face to face interaction and building a relationship of this was a huge paradigm shift for you know for the industry And even in a business to business sick that the implications of digital the will we live in a having a real life impact on a day-to-day vice already You will learn about the efficiencies of being able to conduct more business. A and more meetings and digitally So y- is actually invading becoming an integral part of your the data. Dave way we would. We can now live Anywhere in the world and do jobs.
Brady's 5 TD passes to pace Bucs' 47-15 rout of Dolphins
"The Tampa Bay Buccaneers used a high powered offense and lots of defensive pressure to defeat the Miami Dolphins forty five to seventeen Tom Brady completed passes to ten different receivers including two touchdown strikes to Antonio brown and Mike Evans and one to Giovanni Bernard bank try to spread around everybody in here can make some plays Jimmy plays the backs me plays in the pass game I needed I was on the receivers did that's what we're going to keep doing what I keep spin around the books injury riddled defense rose to the challenge with three sacks a forced fumble and an interception Miami quarterback Jacoby Brissett pass for two hundred seventy five yards and two touchdowns but much of that was early in the game before the bucs defense settled in I'm Tom Aikens
Why Doesn't Joe Biden Recognize Indigenous Peoples Elsewhere?
"One Indigenous peoples day I think Trump just announced Trump excuse me Biden just announced That they're going to have indigenous peoples I don't know if it's today I don't know if it's Monday isn't Monday Columbus day mister bucher I think it is And I believe we're all supposed to hate Christopher Columbus aren't we I think so Indigenous peoples day Interesting And the president of course talked about so many of the horrors that have occurred in this country Why is it that he and his party focus on all the negatives Why is that I'm quite serious about this Now when I hear him talk about indigenous peoples day how come he doesn't talk that way when it comes to the Middle East indigenous peoples day How come he doesn't talk that way when it comes to the Jewish people in Israel How come he doesn't talk that way when it comes to Judea and samaria What you're not the West Bank of Jordan never were They belonged to the indigenous peoples and of the Palestinians were not there isn't it shocking They've been there for less than 200 years Now the indigenous people there have been there like 4000 years the Jews So why doesn't he recognize the indigenous peoples There Because politically it just doesn't work for him That's why Because he's an idiot That's the other reason why indigenous peoples day
Biden's Latest Nominee Saule Omarova Removed Karl Marx Thesis off Resume
"Just to show you How unbelievable this administration is What a fraud Joe Biden is and was to get elected president of the United States From our Friends at post millennial Biden nominee removes thesis on Karl Marx from her resume Removes her thesis from Karl Marx on her resume I talked about this woman before She's a Marxist She's a flat out Marxist On Tuesday Biden's nominee to head the office of the control of the currency Sally amar ova removed her thesis on Karl Marx from her resume According to the Washington free Beacon Amaro listed a paper titled Karl Marx's economic analysis in the theory of revolution in the capital on her resume as recently as 2017 Senator pat toomey the ranking member of the Senate banking housing and urban affairs committee demanded she hand over a copy of that thesis in a letter written on Tuesday He said the committee needs to fully assess the fitness of individuals to serve in Senate confirmed executive and independent agency positions She reportedly wrote that thesis while attending Moscow state university at pointed her out two weeks ago on a VI Lenin personal academic scholarship on a Lenin personal academic scholarship But the curriculum vide the CV viewed by the Senate committee on banking housing and urban affairs did not list that paper To me demanded that she hand over the original Russia language thesis in an English version if it exists to the committee of October 13 Remember the Democrats run the committee
Biden's Bill Will Empower the IRS to Track Your Every Transaction
"One One of the core aspects of this bill Biden and the Democrats are pushing Is to massively increase the power of the Internal Revenue Service Now for people who don't pay taxes and are on the doll that's not a big deal But for people who do it is a big deal Because it's intended to again Bully threaten intimidate law abiding American citizens who are actually pay the freight in this country While people on the dog get to watch and laugh John barrasso at a press conference today cut 6 go The Republican Party is not going to allow the IRS to spy on your banking accounts On this single topic alone I've gotten more emails and calls in the last three weeks than I have on any other item over the last of the times I've been in the United States Now what is he talking about Well we've talked about now for weeks and I've done it on television as well And that is this Biden is proposing that any Movement of money that is $600 or more can be monitored by the Internal Revenue Service They can try and figure out what it's for Whether it's coming into your account or going out of your account and not just your account it could be PayPal or Venmo or whatever it is That the Internal Revenue Service would be empowered to trace that And to monitor that
Katie Hopkins Is the Most Banned Woman on the Planet
"By name is katie hopkins and for people that say. I have no clue who you are. And that's my favorite kind of person. Isn't it because then you just normal. I am just normal. But i am and i introduced myself as a straight white christian conservative married mother of three children. And i'm proud of all of those things because those things are all the wrong things to be these days and despite never having broken law despite never having owed anyone any money or never having harmed anyone. Apart from my first husband was fine. I am the most banned woman on the planet banned from south africa. Banned from australia. Banned from wales. I don't have a bank account. After trump tweeted. They took my twitter no way. We're i think we're confusing categories. You i think part of what you're saying has to do with the covert madness right. You're not allowed to go to certain countries or something. Is that what we're talking about now. No i'm banned from south africa for reporting on the genocide of white farmers. I spent three months living on white farms in south africa. In any of your burr south african audience which you'll have plenty of most of my audience are bores. Thank you very much ladies and gentlemen. You've been a great audience. We're here down to three
Nebraska Will Oppose IRS Snooping in Biden's $3.5T Spending Plan
"A lot of people are looking for a roadmap. How do we move forward. While the nebraska treasurer it becomes the first state. Says they refuse to comply with biden's plan to let the irs view your bank transactions nebraska says nebraska state treasurer. John miranda said they will not comply if the administration sues. He will take it all the way up to the supreme court i'm reading from the gateway pundit dot com as a state treasurer i have an obligation to safeguard personal information of hundreds of thousands of these accounts. And it's absolutely wrong to ask american citizens who have an accuser wrong during the turn of their wrongdoing to turn over the private bank information the federal government. There's no excuse for it. He says moronta. The state treasurer. Says i t i don't typically engage in legislation. That's going through congress but on an issue like this is something that myself and many of my colleagues across the country believe we have to stand up and fight. And i would say this. Even if the supreme court says it's constitutional don't comply seattle san francisco portland los angeles chicago new york philadelphia. They did not comply with federal immigration law. Because they didn't like it with all of a sudden the biden regime is going to say. Yeah we wanna see your bank account information. The state attorney generals and treasure should say no. That's not how this works. And i wanna just praise nebraska for saying the sell out saying that they are going to have a noncompliance agenda when biden decides to completely and totally overreach and go in a direction that we have never gone before in our country that they can see your most intimate banking information your transactions as you make them for what reason exactly because they want to monitor you and of course they'll target conservatives more than liberals obviously they'll target republicans more than democrats especially republican donors and people that are making a difference obviously
Special Counsel John Durham Issues Subpoenas to Law Firm Tied to Clinton, DNC
"Merit dorm John dorm the special counsel He's issued new subpoenas in the probe of the FBI Russia investigation And he's targeting Clinton campaign law firm This is good news It's kind of weird to take all this time and now he seems to be energized but we'll take what we can get This is from national view Brittany Bernstein special counsel John dorm the attorney tap for the Trump administration to audit the Russia investigation as reportedly handed down a new set of subpoenas including to a law firm with ties to Hillary Clinton's 2016 campaign The grand jury subpoenas now let's just slow down there The law firm is this Perkins cooey And I hope they take a very good look at this guy Mark Elias Who's this svengali in my view behind so much of this Now the grand race of penis for documents were issued earlier this month according to CNN after dorm charge Clinton campaign lawyer Michael sussman for allegedly knowingly making a false statement of the FBI Investigators from the special counsel's office are seeking additional documents from sussman's former law firm Perkins coy That's the firm An indication that door may be looking to add to sussman's charges or to bring cases against other defendants Dormus reportedly investigating with assessment lied to the FBI regarding who if anyone he was representing when he told the bureau about communications between the Trump organization and Kremlin connected Russia bank alphabet Now we know that he was a he was a Clinton Attorney And this was all done intentionally to try to see as much as possible
Author Lee Smith Sets Record Straight on Multiple Collusion Hoaxes
"You know as you were talking there I was going through You were mentioning all of the hoaxes in this collusion thing that fake nonsense that have now fallen apart It wasn't just one Yes folks the core tenant of it was Hillary's big lie that Donald Trump colluded with the Russians But there were sub pieces to it And Lee I'm just gonna ask you where any of these true or false Was a pee pee tape ever discovered Yeah no no no No okay Okay Okay so that is going through a check Let's see Yeah because you know And the audience okay so the pee pee tape was made up As far as we know has ever any evidence ever been produced that Trump's lawyer at the time Michael Cohen met with anyone in Prague to get emails Have you seen any evidence that actually happened No okay So there we go Lee we're off for two buddy This is one of the few times where a batting average of zero is a good thing Okay here's number three We just addressed this so I can answer for you The DNC hack could it have happened Maybe is there any evidence No because nobody's produced it So we got that one Here's another one The alpha bank Russian bank the alphabet connection to Trump Tower Is there any evidence whatsoever anywhere that's ever been produced that that was a secret communication channel between Trump and Russia any No and in fact the DOJ debunked this three different times That's the joke It's like in October 2016 which The New York Times reported then Mueller and now the Durham indictments are different branches of the DOJ if the bunk is three times So the fact that people are still out there pushing the alphabet stories again it just tells you how far how nutty our elite have gone right They're still pushing this
Democratic Strategists Pose as Republican Group to Attack Glenn Youngkin
"And even axios a left wing site says Dems sneaky sabotage a group tied to prominent democratic strategists is posing as a conservative outfit To try to drive a wedge between the Republican candidate for Virginia governor and his core vote as axios has learned During the past week virginians have been targeted with ads on Facebook Instagram Google and SnapChat questioning Jenkins commitment to the Second Amendment Though the work of a new political group called accountability Virginia pack its website says nothing about the individual's organizations behind it This is how the Democrats did They are a sleazy diabolical operation While the NRA backs Donald Trump they refuse to endorse Glen junk and we can't trust glennon on our guns one of the ads says public records show that PAC has spent more than 25,000 on the ads which have been viewed between one and 5 million times While clearly designed they hit youngin from the right all indications point to Democrats behind the pack Accountability Virginia's online donation page has hosted by democratic fundraising platform act blue It's bank account is amalgamated bank a labor union owned financial institution popular with democratic political groups The PAC was incorporated in Virginia by compliance consultants of the NBA MBA consoling group which works uniformly with Democrats Its ads on SnapChat were purchased by gambit strategies a firm founded this year by the Biden presidential campaign's digital director former head of democratic super PAC priorities USA Fake information is prevalent on the Internet gambit's website warrants research shows time and time again the best way to combat false negative information Is to provide people with positive information about a candidate Now they're gambit in north NBA consulting responded to axios request for
Gen. Mark Milley Spent More Time Talking to Anti-Trump Reporters Than Leading Our Military
"There were three books during the course of the past three months that came out that were highly critical of president Trump Written by one two three four I guess 5 or so reporters and I'm not even taught and then if you count peril that's four books Four books By so called journalists More to come And every one of those books general Millie spoke with the authors He knew they were doing hit jobs on Trump He knew they were doing hit jobs on his administration And he spoke to them anyway Is that the job Of the head of the joint chiefs of staff to be talking to authors reporters who he knows are writing Hostile negative books on Trump Boy was questioned about that in part today cut three go And by the way this is by representative Jim banks Republican Indiana go General milley why is it important for the military to be non political I think an apolitical military is critical to the health of this republic General why did you spend you've already established yesterday and say you spent a significant amount of time talking to book political book authors and political reporters including Bob Woodward What compelled you to do that I believe that part of my job is to communicate to the media What we do as a government what we do as a military to experience is so preposterous So utterly dishonest what he said Go ahead So I do interviews regularly with we're not talking about doing interviews regularly We're talking about hit jobs by known Journalists who hate Trump
88% of Affluent Households Donated in 2020, New Study Says
"A new study says a vast majority of wealthy households gave to charity last year in twenty twenty during a pandemic a study from bank of America in the Indiana University Lilly family school of philanthropy found eighty eight percent of wealthy families didn't forget those in need most gave unrestricted gifts that allows organizations to spend the money on whatever they thought was most important one issue that gain significance among the rich and twenty twenty was social and racial justice with a significant increase in contributions following George Floyd's death the median income of people surveyed was three hundred fifty thousand dollars the median wealth level was two million dollars I'm a Donahue
The Steele Dossier, Explained
"Have a lot of younger listeners. That quite honestly weren't that involved in politics when this was unfolding so just kind of walk us through that again. The significance the unprecedented nature of this. The chuck schumer like passive aggressive warning. Sign in january of seventeen on rachel maddow show right the donald trump accurately saying that. I'm being spied on people's laughing at him. Walk us through the timeline of all this. I think it'd be helpful as i get to. The topic i really want is your in on. Which is durham. Yeah sure are so. Look these investigations as a former federal prosecutor who did national security cases. You know these things take time. You have to get approvals from down below in the bowels of the justice department through the attorney general if you're gonna go surveilled someone of this magnitude. And that's for your younger viewers a search warrant to search more. If you're looking at if you're looking at a bank robber or suspected murderer you have to go before a federal judge and you gotta say judge. I think this guy committed this crime. We need to go and look at his bank records. It cellphone records is emails. Phone calls because we think he killed somebody or because we think he robbed the bank and if there's probable cause the judge grants it same thing in this instance just different federal court that deals with spy and basically what the hillary clinton campaign did was. They spent tens of millions of dollars to collect false information from this guy. Christopher steele will use to be a british intelligent asset. If you can believe it later turned. Fbi informant. i mean. You can't make this up. I never understood this. Where the heck did this tens of how. How on earth did they spend. Tens of millions of dollars. I've never never understood that. Sure so one of the things that we were able to do on house intel. Even though paul ryan didn't want us to do it was subpoenaed. The bank records for this company called fusion. Gps glenn simpson and they were funneling the money through perkins coup which is the democratic ball. And that's what they do. Their job is to be the representatives for the dnc and the hillary clinton campaign so those guys get paid tens of millions of dollars. Money goes into the law firm. The law firm then cuts checks the fusion. Gps for millions of dollars and they go and higher media representatives christopher steele to start putting false smear campaigns against president trump. So they're working. The intelligence apparatus one lane and the media apparatus in another to take on a presidential a presidential
"bank" Discussed on Bank-Fintech Fusion
"To this episode of Bank Fintech Fusion. This is Phillip Ryan. Cg Catalyst. And I'm joined today by smile. Shy Of T. sobe based in Berlin which is better circles probably for open bank project which is one of the things he does. Smile will tell you a little bit about that. So is smile welcome. Hi thanks for having me Your Thank you for coming. So how did you get involved in financial services did you? Did you come from a technology background or is there something in particular that that brought you into the tech part of the world and also Let people know of what about in an Open Bank project share? Yeah So again thanks for the invite so. I'm me a chief operating officer at sober where Germany based company the company behind the bank project as much in we cheese a meeting open source. Api Management Solution or banks out. So we will we do this. We had incumbents banks Expose API's it's always. The guy worked with FINTECH companies around words and really. I think I get into that kind of Bible by chance I'm I'm an African. Didn't want to set in France and while I was in France I met with the founder and CEO of the back projects unregistered. And he was telling me. All about this You know crazy ideas. That was back in two thousand ten. So I think the words that you didn't really What wasn't think back then. And so he was telling me about all these crazy ideas of A. B. Is An opening up the banks and banks working with startups and Solan and so forth like listening to him very carefully. And saying this is crazy. This will never happen. I WANNA be participant that. That's that's somehow I got into this. I come from a technology background. I sold what technology can do had company doing. Api's before that. Sorry I really saw believed very strongly about the GNC's opened up by technology by API's and so on and yet you know the financial industry looked like it's very archaic in Slow Moving East so I think frost division or or one of the early drivers for bring forbidding. This was really like rookie. How we make this a little bit more technology Losing more modern I S and how can bank Leverage oldest new technologies out. There the first thing I remember with Simon. I think I met Simon in two thousand twelve or so when he had the the sort of. He's a musician right so he had the musically for your bank account In it's still around. It's still online in every people stumble onto in there. Like what is this but that was? I think it was an early demonstration of API. Yes so that was exactly so you know again. You know we're we're in two thousand ten two thousand eleven really banks do know bankers Do not understand what Napi is let alone open banking and so we were like really scratching our head. How do we explain this? You know in kind of in a way in an engaging way and as you said Simon is a musician. It guide but also musician composer and so we said okay. Why don't we do a singing back? So Rhino take your transaction bacon play abusive. Geno note out of it. So if money comes in it's a high pitched note south it's slow. It's not like a little bit of a conscience does a fun thing. It actually was done in a hacker. Thon over the weekend smell. Stop that so. That was nice in my souvenir missile from that area for sure. Yeah well actually you're right. People can still look at it at singing dot com. You can actually play out own. See how seeming dot com. Check it out. Yeah it's interesting that Api's the industry is finally coming around to API's and we'll talk about this more. But I read a trends piece. Five transferred twenty twenty and one of the trends was. Ap is like as if as if it's some thing you know coming from outer space. That's you know that it's not something that's operating all around us every second on the Internet so I think there's still a lack of familiarity in the industry with with API. Unfortunately but I know that's earlier mission is is Is Educating people not yeah absolutely and if you talk to some some folks at banks will tell you what we have is for years and to some extent. They're probably right. I mean Burnett As a as in interface between two software products has been around for years with his new. Today is that this is it's open. Api these are opium is our API's these are connection points between the bank. The legacy system an external provider in third party providers Phoenix or otherwise and opens up for -tunities. It OPENS UP IN CHALLENGES. And that's s very much new thing right. So what is the most important lesson that you've learned in your career whether whether it be your or her what what's what's the thing. That's maybe the biggest effector impact on you loud. That's a good one limiting excessive. Or I think I think what's really both for you know in a in a professional context and also maybe us no one. Is this idea of to empathy. I have empathy with regard to the other. I soon and we'll what is it like to be you. And this is kind of guiding principle that I tried to use nowadays and really trying to understand whether that's in front of you know Fainter Company. aband- a small bank bank etcetera eating. What is what's their reality in how they look at things and Yeah I think it opens out. Look more if over change eason in a shed lights blind spots. So that's a executed guiding principle. What is it like to be youth? I Yeah I think it's a I think in the world would be a better place if more people thought that way. And it's it's something that's missing so much in not just intact but really in every in every industry. I think no put ourselves right place if the other person enough right absolutely I think also in a commercial setting right like you know you can offer something which is a lot more on textual allies lot more relevant to your customer. You know or sisters giving your. It's the same thing to to try to provide the same thing to everyone right. What's the greatest challenge facing t? So being open bank project today greatest giants. I would say so talking next week. Eating sort of seasons right so when we were talking earlier how. Ol- started and I think the biggest challenge about fine was education was trying to explain what was yards banking. Cedric CETERA. Why it is important. I today we have. There's a lot more momentum as he said around these kids right so people are more interested in it wouldn't necessarily their eyes when you talk to them about API's. But because of I mean we're we're based in Germany rights in Europe. As you know there is this obviously to be a recognition music divorces all the banks to open data to prove their artists. And I think what I see as a big chinatown here is that people really stick or the financial institutions Stick to the natural eat regulation. Do not necessarily see the value or see how they can capture the value. You know yawns just compliance rates or how do we really realise potential banking so to me that's execute China's today so it's great that people aren't doing the is there if they're doing it just for the sake of Ignition just in the NEMATODE SCOPE of Rick Nation. That's not really our vision right. I think there is much much bigger opportunity to go beyond and that's on of another struggling today. But you've you've seen some great changes right. The regulation came about after. You guys were already doing your thing. So you've seen you've already seen in a way you've seen massive progress in the. Us is very far for all any of this kind of regulation. Oh yeah absolutely. I mean it's very different from two thousand ten. That's for sure I mean and to be honest with you like I mean we. You know we do. It will go this way. We knew early on that. You know it. It's kind of inevitable or for furnishings. Ibn expected to be that fast in that rig nation. We've got sean today. It's not just to in European Union. There's forty seven countries around the words that Maher of either have adopted open back near revelation or are considering it. I think this is you know. This isn't maxine Amazing how fast transit achieved. Ira globally in fortunately as you said countries but I don't know maybe teams in changing the future but but no APPS. It's it's it's radically different today. are changing but my point is you know it's it's also it can be regulations. Really good Very much in favor of that but it can also be trapped. You know if if what it does is just a enable banks to offered some. Api's no one wants to use. If you're I mean right so I think there are risk right. It's regulation is not going to solve everything. I think it's a great start. But it's definitely something that solve everything right in some banks of asked for delays in there are exceptions right to before they're going to comply hasn't happened or maybe that was in the UK. I was reading about right. Yeah no I mean it's it's it's it's happening it's happening everywhere on lays there. Are you know the not so reliable in the end? So it's you know there. There are challenges for sure and But you know that's why companies like like like others are in the market right really to to dispense of the challenges. That are confirmed the Boeing is deploying open. Api is no easy fit for sure. It's it's it's plenty of challenges to two with only Pi's are not created equal absolutely absolutely agree more. What a key to banks in. Fintech companies working together effectively and successfully. While I think first of all they need to understand what success means for both sides. I think like the discrepancy between expectations between the two I think is a is. A key of failure factor. That's read that way but I think what? Yeah typically what we see in the engagements we do and we worked with the likes of honor h received puberty In we have eleven thousand developers Fintech device around the word using API's to build financial applications and and to me. What's really important is to tap the right technology in place to have some sort of safe-space To borrow some of the of the lingo from a from among tech environment so I think having things like sandbox environments fintech competitions really safe safe spaces safe environment controlled environment where both the bank and Fintech and try the relationship. Risk-free is really important in I think above all what you also need is. is in alignment in culture between the two entities in some some form of sponsors. That can really take a leap of faith in the Fintech and make sure that things are happening is it really is more of a challenge for most banks than a technological one or is it is.
"bank" Discussed on Bank-Fintech Fusion
"In advance of that had done. Some you know. Modernisation work at a at a few A few banks and insurance up these this is like a deep dive. And you know you really learn about us really learn about a business and you learn about a system when you blow the old one up and you have to build a new one you really have to think about the the essentials behind the process the essentials behind the business and so i consider that to be sort of my first real introduction into the industry and i was like those kind of around like a started in. oh six and as Was sort of for years from that. I remember when i met you around two thousand twelve. You had this basically a map of a bank. Which i think is is part of the result of what you're what you're talking about you had mapped all these processes this connected to their look like a circuit or something. Yeah yeah it's like you know it's funny when you when you when you need people you know you meet people in banks and you talk to them. And they you know if they're if they're wealth management experts or if they're lending experts or if their core deposits experts. There's a there's a lot of knowledge just in that one sort of area and like very seldom do you get a chance to sort of zoom out and take a look at the entire business and then zoom in and be able to see like each process so again that in some ways it was it was a very tough project was painful project You know it was something to endure. But it was also like an incredible learning experience. That i and i draw. I probably drawn that. You know even even now as i think about how should this work. What are the first principles here in terms of this type of structure and things like that right so now you you mentioned you have dual role. What's the greatest challenge facing Well i guess either one of those roles or both of those roles. What's what's the what's the thing that's keeping you up at night right now. Yeah i need it. You know one of the one of the great things about these roles as they are very different You know my role at call is es cto of startup firm. His theory ons on You know when i joined co is the fourth engineer There's not really an an advisory role there needs to roll up your sleeves and and start writing code in on. I think the co scaled now. The technology team is is about forty people and we're continuing to build it continuing to scale. I was the biggest challenge at code. Is it's more of a. It's more of a leadership evolution challenge for. I need to because we're scaling so quickly and we're growing and we're the team is evolving in every every few weeks to kind of take a look at my role and take a look at what i'm doing and say well you know how. What do i need to scale. What do i need to change. What do we need to stop doing what we need to do. More at a need to. I need to kind of evolve myself like insure easy. I think as a human to get comfortable doing something that you're doing But i think you know even a startup because of because of these sort of constant change The scale is really the challenge ryava.
"bank" Discussed on Bank-Fintech Fusion
"So like from a technology perspective when you think about what's happening with peer to peer financial services technology whether it's completely decentralized or semi decentralized or some other model what I find fascinating what find impressive. What I find amazing is that you have all of these people so excited about core banking like when I was a core banking technologists. Who wanted to talk about core banking like nobody? There was no interest in this space. Nobody was thinking about money movement. Nobody was thinking across order. Nobody was talking about. Kyc nobody was up against these problems and thinking about how to apply technology to solve these problems now. I think there are many people as I think we have seen. Some false starts and various various challenges in this space. But I think there's still. No I have a lot of enthusiasm or distributed decentralized financial services technology a lot of enthusiasm for Technology being disruptor. Basically you a new kind of new kinds of networks and new kinds of meshes and you trust relationships So you know again. I think it's still pretty early days but You know there's a lot of interesting stuff that could that could emerge there. I love hearing positive. Stuff partaking these days. The overall tenor is so so downbeat. But it's good good to hear Good to hear but the bright side. Chris thank you so much for joining us today. Phillip take traffic. Always good to talk to you. And thank you for listening if you enjoy this. Podcast subscribe on Apple podcasts. Or wherever you listen to your favorite podcasts and check out the links below will put links to all the stuff. Christie's working on or Josh Coho and thanks again..
"bank" Discussed on Bank-Fintech Fusion
"About their own. Organizations are honest about where their own organizations are at I think that becomes a conduit for the authorship did create success. I think as soon as there's a lack of transparency as soon as there is as soon as there's a breakdown our or if people change roles of things are working in them to change roles without that ownership on both sides about that sort of individual commitment on both sides I think it struggles and been on both sides of that where I've been I've been on the bank side and I've taken a taking a risk with a parlor but I really believe that that's the right partner that this is the right technology. This is the right team and we can. We can do big things together. An and I've seen that work and also on the other side where I'm trying to be that partner and I think what it takes an I'm sort of looking for a counterpart on the bank side is willing to make the same level of commitment that I'm willing to make and yes. The organizations are going to be hard to mash. And yes there's an impedance mismatch and you know there's all kinds of challenges but I think with that individual commitment Sides. We can break through that we can figure it out we can resolve it and and and make it successful so to me. I think that's I think that's really the top ingredient And a lot you can. You can kind of get pass a lot If you have that so is that more of personal thing than a cultural thing. It sounds a lot depends on the personality of the other person or is it more. You know what the parameters of their role is yeah. It might show it. It might be like A. I've seen it in both ways. So I've seen it as you know. The organization culture allows someone to be effectively an owner of this relationship to to make this happen and also also seen it You know be more of a more of an individual sort of takes a risk steps out and you know effectively. Just just makes it happen. I it's like I think on the on the Fintech side. I think it's you know it's more about the transparency and know making the commitment and delivering on the commitment. Right I think on the on the bank side it's more about having ownership having the empowerment be able to take the risks being able to break solid where you need to being able to kind of move through things where you need to Different each side of it right. So what does success look like for bank a bank partnerships with Fintech? Obviously success could mean a different thing for for Each side of the table. Yeah I mean I think the success needs to be something that both organizations Kinkel Kinko back to point to it needs to be tangible I think you know we need to. We need to begin these relationships with commercials in mind and things like unit economics in mind and results in mind and men we need to sort of lean into the partnerships to make those results happen and I know like in on the startup side. If I go back to my board and I say we have this great partnership. The first thing they're going to ask is what are the One of the targets were were the financial. So what does this look like on the piano and I think we need to think about that in a Porsche I think did the the the the stage of let's do partnerships for mutual. Learning about is behind us you know. We've we've learned things already. I mean if you're still learning now at this stage it's a bit lake right. We we need these permission yielding. They need to be producing. And I think and I think both organizations are you know. They're they're wanting different things You know quite often the Fintech wanting distribution from base because banks have a strong incumbent base Sometimes the banks are wanting to be able to offer something into their basely gives them a bit of a mode against you know maybe a competitive landscape or whatever. Those targets are like I believe in making things quantifiable making the measurable and then executing accordingly and checking in on those on those measurements. Make sure that they're holding true And so I think the I think you know. Basically what success looks like is some sort of bottom line quantifiable result right. You give us a little snapshot view of the Canadian banking market. I think a lot of people in the US it's still largely unknown. I think we know a few of the banks that have crossed the border. But you know. What are the sort of idiosyncrasies that he will? Us might not have heard about? Yeah I think it'll be looking Operable sides of the border And and sort of understood sort of financial services from we'll size of the border. I think when when when you look north in not only does it look cold but it also looks very similar and and you see you know Canadians speaking of similar language and doing similar things I mean. We brought you Justin Bieber..
"bank" Discussed on Bank-Fintech Fusion
"Absolutely so you know what are the. What are the things we needed to? Innovate industry versus potentially existing players was to bring a much newer approach and put them one technology stack on the industry which is sometimes difficult. Some legacy systems everything in our ecosystem is API I So we have an abstraction layer that we can put on top of any core operating system Importantly a code base is is unified. I'm so it's truly enterprise software so one CO base which goes across every single customer whether your bank at four hundred million or a credit union twenty billion you get the same code base for mantle and that means that every Wednesday you get an update from US forty updates last year instead of sort of the paradigm. You might see the industry of one or two ringing lottery updates ear and say what that lets us do is it. Lets US continue to stay extremely relevant and very cutting edge and that's the top of technology that is being used in industries outside of banking And needs to come to banking. How much of a challenge is it to work with the corners Is it a kind of one and done thing or is it a constant Struggle yes so there's no shying away from it. The expertise to into to interact with the core operating system is very unique and we do see a lot of INTEX. And you. Entrance into the market trying to obstruct away from that and not because it's difficult but it's required. It's just required. You can't innovate industry. Without a good understanding the core operating system they are entrenched. They're not going. Anywhere is an amazing alternatives. Right now for banks to switch in credit unions to switch off it and so you need to be able to integrate with him. We we built that capability from day. One so we have team members that built you know across team we've had Each engineers genes is one of the first five Technical highest at various operating systems. Like smicer vice it. Dna and to date. We've done over a dozen different core banking systems successfully. Integrative lives so it's a challenge. It's an area. You have to invest in and understand. It's not the sexiest area of the technology stack for our engineers to work on. But you have to own that and you have to understand that. That's a challenge and you have to be a safe pair hands there in bank customers understand nothing about it which is probably a good thing. Yes exactly yeah. We don't talk too much about strache lehrer. Api set in sort of bank sales conversations but sometimes with the technology effects. They get really excited about what it can do. What's the most important lesson you've learned in your in your brief career so far shore? I think you might career as as opposed to just walk in this industry. I think the thing that I learned my F- way back when using when I started my first company was and I think it serves me well today and mantle as an organization is we often get comfortable leaning on what we liked doing what we know how to end. That often isn't actually the thing you need to do to grow your business or with a client as I like the tangible example of my first company I my background is I. Wouldn't you know my Undergrad? Was in finance. Went to law school when I was an investment banker for a little while after college before I saw the light and became an entrepreneur and when I started my company I spent a Lotta time legal documents and financial models. Because that's what I knew. And that's what I thought was what made a difference in actually makes very little if any difference and what actually makes a difference as getty out in token customers and understanding what to build and solving problems them and bringing solutions and selling and delivering. And if that's the most important thing in the business then that's where you as you know. One of the more important people in the company in his is one of the founders needs to run to and make your own and it might be something that you're uncomfortable doing. Maybe no particularly good at but you need to get comfortable and you need to get good at it and so That was a personal growth thing for me and I think it also says mantle because just like you until we were talking in the last question about the core operating system. That's not something that you know. A normal one full stack engineer is wanting to understand typically wants to work on. But it's the unsexy thing that is not comfortable but it's the thing that makes a really big difference so maslow's an organization that runs towards us so with so many problems to choose from. How do you? How do you choose which problem? You're going tackle tackle next the customers. Tell us right and so we have to stay very close to customers you know. They know their problems best. We need to be good understanding and passing through what they're telling us. We often have individuals. Tell us and this is no fault of their own. Because this is how express it we have banks and credit unions? Come to US WITH THE SOLUTION. Not The problem. So it'd be like it'd be great if you built this right and that's good that's good feedback but even better than that is. I have this problem right. Because of the the solution that they jumped to embeds a whole bunch of assumptions of what is possible but we actually know a whole another set of things as possible and so if we have the underlying problem to start with we start with a blank piece of paper and other people necessarily might not because of just the paradigm the Bainian. And so it's listening. It's a lot of listening. It's a lot of asking leading. Questions is a lot of talk about what's happening now. What are you struggling with? Technology problems with non technology problems. Sometimes the biggest insights gained from conversations that have nothing to do with technology. Because the person doesn't even realize it technology insolvent right. What is the biggest challenge facing mantle? Right now yeah I'd say it's the way. The industry generally thinks about technology. I think for a long time and I certainly feel this in some of my conversations. Certainly sometimes don't that. The INDUSTRY VIEWS TECHNOLOGIES AND EXPENSE. Which makes absolute sense because on the piano you talking to a bank? Cfo It is on the expense lot. Reid it's reported to the FDIC is dot processing. It's an expense. Look how much I spent on this this this correct? That's right next to payroll and rent and utilities expense. It's an expense from an accounting contract. Bought if you think about technology in other industries a lot of the buying decision in technology is talking about it as a capital investment right and it's a lot of institutions look at investing technology. Just like they look investing in a new branch or new division or acquiring. Something I can spend a million dollars technology like it's been a million dollars on headcount I can spend a million dollars acquiring this business. I can spend a million dollars investing in marketing right. It's capital allocation and often the questions we get when people looking to purchase technology is expense questions not investment questions. What do I mean by that? It's going to cost me. How do I minimize the cost versus great? Once it cost me. How do I minimize cost? But also what is the expected return from the technology? Right if I if I go and buy a million dollars technology whether it's with mantle or anybody else how is my business economically going to be better off? Am I gonNA drive five hundred thousand dollars of cost efficiency? Am I going to increase by revenue growth or in this case deposit growth or asset growth or whatever it is an inner banking context? Am I going to increase that by X. percent next year? What is the economic return that I'm going to get all my economic investment and I think the banks understand that concept and opportunity costs and capital investment because they do these sort of calculations all the time with build a new branch of by a competitor or return money to their shareholders but in the Pasta? I haven't thought about technology that way. Because usually the options they have gotten never express or articulate to them. What they're expected returns should be right there at the expected. Return from all the technology that brought in the past and so when we come in and say well his the cost of that technology but he is the results that we would like you. To See or hear the efficiencies you should gain quantified. I think that that changes the paradigm and that movie me industry in that way to US thought Asking vestment questions expense questions I think is the really big thing holding back a lot of institutions from really innovating here and. Do you see a lot of disparity juicy some institutions. That are really looking at this in a more enlightened way exactly right and I would say the the people that are first over the wall and the fos- followers are asking the question. What's what's all the fuss about over here looking at it critically of course because you absolutely should look at it more in that way and I think that those that are potentially in that bucket who are a little bit more wait and see still thinking about it as an expense question. The proof is GonNa be in the pudding if enough institutions. Make these investments in Dr Ray over times which I think the of the world are etc You will see more and more. Do this. The The BB&T merger with Suntrust and the biggest rationale about one of the biggest rationales was taught cost efficiency and the ability to invest more in technology. That was the second one right. Billy do they literally Saudi. Jp Morgan and said they're spending billions of your technology. We need more at eleven billion or something exactly and by the white technology expenses. The fossils growing light on expenses in the industry right is doesn't expense reduction pushing the industry but technologies growing double digit category because banks are realizing that if they don't invest here they're GonNa see attrition in the customer base and so it's very topical.
"bank" Discussed on Bank-Fintech Fusion
"Catalyst and I'm here with Roush Patel Coo and co-founder of mantle. Welcome Raj thank you very much. Thanks FOR COMING UP. Tell us a bit about mantle and tell us so what drew you into financial services. You could have been anything in the world in here. You are working in Fintech. Why is that show yes so Mantle is an enterprise software company based in New York we exclusively bill technology full community regional banks and credit unions across the United States. We don't drive any of our revenue for money center banks. We don't drive any of their revenue from Fintech Fintech clients it is primarily full community and regional banks which is hopefully the owner of this. Podcast we really got drawn to the idea by setting off the bill to challenge your bank which is a very very popular Ford. There's there's a few of those those around and then we're still a few of those around in two thousand and sixteen when we kind of thought about this idea when we were investigating that one of the things we realized when we were looking at the landscape was that actually. You've got the Money Center. Banks that have the infrastructure and the resources to invest in technology. And you've got the NEO banks and the challenge of banks that are coming through and also really interesting technology and then you had the middle and who is getting squeezed in the middle it was community regional banks and credit unions in the United States Twenty five years ago they had six. They had The Money Citibank said sixteen percent of all deposits in the United States. Now that fifty nine percent. And where's that coming from? It's coming out of the community regional banks and it's going to those money centers in those banks and what's happening is that squeezing competition in the market is giving customers less choices and it's and it's and it's really hurting the industry and that's not a good thing for the country. Fewer those banks every day. There are a few of those banks every day and one of the primary reasons for that. Is The technology gap right? Because those banks and credit unions providing excellent service. They're providing more compelling products right whether or not being able to compete is on the technology side ninety six percent of all technology and community. Regional banks is outsourced. And unfortunately it's outsource all the gully and those players have been around since the sixties seventies and eighties. That's when they'll founded and there have necessarily an incentive to innovate because they've got a captive market and so we saw a really big options to bring the mindset of intact and banking backgrounds to that space and really helping provide a genuine alternative to the core providers and and hopefully help help really reinvigorating continue to grow the industry. Because we think that's a really good thing for the country in consumers and so what exactly is the product you're selling absolutely? We have a number of different products. Probably the one when most known for is our account opening sleep software so we started primarily in consumer accounting because that was an area where we saw a really big need only twenty percent of all banks and credit unions in the United States have account opening online right and obviously we know that the Internet is where the world does business. And so if you can't meet the customer where they are Econ hope to compete or retain those customers particularly for the millennial generation the newest generation. So we're all going to the big banks because that's where they absolutely right like forty. Five percent of millennials identify one of the big four one as their primary banking relationship so the next generation is literally walking out the door and going to those. And they're going to own them for life if community regional banks. They compete.
"bank" Discussed on Bank-Fintech Fusion
"Bank. fintech fusion from CG CATALYSTS Consulting Group. I'm Phillip Ryan and. I'm joined today by Mimi. Saito of instant dot org. Mimi was an early product product. Manager at simple and co-founder of win win which gamified really game. I'd savings we'll get into that. And congratulations on your exit with appreciate it. Thanks for having me. So what point in the process did you get. Involved with. Simple simple was kind of one of the most legendary companies I.. Yeah so I was employee number thirty something and actually hired onto the customer support team so That was really one of the more legendary pieces of the business I would say it's probably the part that is still famous if you will and yeah. I scaled up business out and left. Don't around three hundred employees. I really saw lots of lots of phases of its growth was there before the acquisition acquisition of BBVA compass have seen have seen some things so with that the customer relations. What was the what was the mission behind that. What were you told when you came in. And and how how did that go. Yeah so I think at that time. So simple really founded at the height of the percent movement. And so there was this you you know feeling inside that. We wanted to do things very differently. And that customer experience was at the forefront of simple was developing banks. Were so bad at it and really really hadn't treat their customers very well previously and as we all know you know and that time especially dealing with customer support at a bank is not always the most pleasant experience and so we wanted to really use customer support as a way to connect with customers and really understand what they truly needed out of a product so customer customer support ended up becoming a really interesting part of the product development process and they were always had a in the beginning. They had a very strong voice in that process as well. Can you talk a bit. About what products you built or develop their within that. Because it's a very broad-ranging simples customer support Yeah that's a whole program Graham for sure so I spent a Lotta time doing. I've built a lot of things that simple but I think probably most specifically within the customer support team. A lot of what it started started with wasn't necessarily around what was being built or tooling. It was really more around the culture that we were developing on the customer support team so at that time. Simple was really hiring super super intelligent. Highly empathetic individuals into customer support. And then kind of giving them the ability to generate ideas and come up with with different ways subduing customer support and I built out also a lot of our customer support tooling which really was a pretty key piece of our ability to be able to support customers at that level. I love of service. And so yeah like technically. I built out parts of the customer support. Software which was actually developed internally. We didn't buy that at all externally. It was all developed in house. I also developed symbols court parts of symbols core banking infrastructure. Probably my most notable products. There was actually belt. Banking migration product that moved all of simples customers from Dangkor to getting my goodness. That was a project. We can probably have a whole podcast. So you're on the technology side but obviously customer relations. It's about it's about people how do you. How do you think those things interplay in was that something you thought about. When you're working on that yeah definitely? I actually think that that's one third. That's maybe carried through my career. Is You know I.. I believe that technology mirrors of the people that built it. And so you know like a simple how to highly empathetic culture like I said and and the people involved had you you know varying viewpoints and that was always something that I found really valuable there and I think you know. In the development of products it's really about how people collaborate effectively and in my opinion the best teams the best products shipped were built by the most diverse sets of individuals and so while technology energy solves problems. Really it's people solve problems and they employ technology as well so in my view I like to collaborate with people and I like a lot of crazy viewpoints points because I think that everyone kind of coming from a different perspective really lends itself to developing something that is workable for a lot of people on the other side. God and that diversity in that team did that stick together when you moved over to. Bbva actually can you talk about how. How things that simple changed when yeah and it was acquired totally you know. I think because we always had BANCORP as a banking partner. We were pretty used to working with a more traditional financial institution as a as a partner so throughout the experience of working with banker. I think that really set us up to really work well with BBB because we understood sort of how the more entrenched institutional banks really thought of technology and really thought of simple in that time bank or is one of the better ones are. Yeah but I would say like at that time. We were really what the first to be doing this. And so they were learning with us and I think that was a pretty interesting experience. I would say that if you were to ask folks at Bangor. They would tell. Oh you learned a lot with simple that we either replicate or doubt replicate now and yeah I think so because we had that background with Bangor and made the transition fairly easy but I think what ended up shifting a little bit is I think the diversity still happened. But you know I think it's working with risk-averse Bank and for a product accompany for a technology company that wanted to do things differently and outside of the box and having all these creative ideas you know. It was a lot of collaboration. Aberration is the nice word to figure out figure out what we could actually at about. Migration was an incredible product project because it had to be taken to through two different banks compliance teams. And that was AH experience for me I sell so yeah. I think like we learned what worked well and what didn't work well in those in those relationships and and what I found found was it really is a matter of just being communicative and and helping them understand why you wanted to do something why something was important and then for me. It was really asking the questions about. Why can't we we do that. If I got a note and just trying to understand it was it risk aversion or was there some act like a reason that was easy to understand and documented that. I could see in you know concept with. Can you describe some of those meetings when you know. I'm picturing simple on one side of the table and the bank or in the other side of the table. What what was the it kind of energy in the room like. Yeah they were usually these epic conference calls with like fifty people on a call so that was interesting time but yeah I mean. Usually the general story was usually simple as a crazy idea. I'm in wants to do something. Hey can we do. It was usually the way that those conversations went and so I can't we do it exactly. It would be like. How can we do and so yeah like look. It was a lot of requirements gathering right. They would be like no. We don't like it because of this and I'd be like okay. Well why don't we liked because of this. What's tell me more about ballots. Dig into it. And so I was really like I think I positioned I think symbol did a good job of positioning itself in a curious manner to understand where they were coming from. But certainly like things were escalated. I'd like when we had disagreements because there were there were folks who again like look at things for more risk averse perspective and simple wanted to provide the experience that we wanted to provide and so on things were escalated and usually it was a it was a conversation about like. Hey what are truly truly. The risks here are there are risks. Actually that large as we're making them seem or is there a way that we can maybe enable this in a slightly different way so you moved on John from simple to win win. Can you explain a bit about win win. Yeah totally so. I co founded win win with David Reineck. Hi David He previously co founded stash invest and him and I had both obviously spent time in savings and thinking about savings in different ways. The the last product that I lead a simple was actually the savings vertical so I had just come out of thinking a lot about helping consumers with savings so.
"bank" Discussed on Bank-Fintech Fusion
"In the security space. I get unusually excited about. We're what took initiation is going to do for digital commerce and online payments. I think taking of our system the transfer four of the real a sixteen digit car details is going to be. It's going to be as transformative as pudding chip on the physical card will be an. We've seen as an industry what that has done in terms of securing the physical commerce environment. So I get excited might not make excited will be A sad word to say but I get. I'm hugely enthusiastic about the promise of that. I think that will be critical both to to consumers feeling that when the shop online that things are safe but also just merchants trying to do what they want to do which is take payments in banks having the level of security I think we'll see more transactions being accepted first time round and so I think that will be critical in delivering the ultimate moment of truth which is somebody's he's looking to buy something. Then if I think about customer experience I do think digital and device based commerce. It's an environment where innovation is going to happen. It's where consumers are going to want not just shop but they're going to want to interact with if the companies they're most fond of so whether that's looking at a statement being able to identify payments or whether that's actually being able due to use their device to pay with something using their award points on pay with rewards. I think those are the two primary things that I think over. The next five years will secure secure our ecosystem to for the nurture trust and deliver great customer experiences. You talked about the the Not Disappearance maybe a B but but the lessening importance of the sixteen digit pan. Emirati seeing that a bit with the Apple Cart. Aren't we you you. It's it's not readily apparent People are talking about tokenism often. Say they're excited. I think people who are into tokens ation are really Really love it and nothing wrong. Nothing wrong with that. But are you start. Do you think the sixteen digit pan is GonNa go away. Is it or is it just going to maybe recede from view and always be the foundation of of payments. I agree with you. I think the sixteen digit pan is necessary in terms of being able to ensure that the transaction flow in the data begins in the right spot fault and ends in the right spot. But I think it what we've proven is it doesn't need to be within the data flow within the transaction stream and that's where any data one it's moving has a greater element of risk so if you can take risk of that system you can effectively tell the fraudsters stars you may get access to but it's going to be worthless because it's a token it's encrypted then while it won't put them out of business it will make sure sure everybody will have more confidence in the data coming through so I don't see sixteen digit. Pin Numbers the account. Numbers going away in the shore shore or medium-term. I think they're necessary. And as more people take electric payments and more use cases are found at. We're always GONNA the need to tie that back to an individual but talking his -ation will just you said it it will recede into the distance. SRC should enable That experience of having to type in online to go away so we're just actively look into Dr Gray consumer experience and enhanced security tokenism. I think younger people are GonNA think it's absurd in a few years that we might recite are sixteen digit number on the phone to order a pizza. So consumer consumer acceptance of mobile wallets appears to be on the rise and again I think the apple card is playing as big a role in this. What implications does this have for The security of payments down the line. I think what we see in those environments is those those environments are architect acted in created with phenomena security at its core and its foundation and architecture. The partners that we work with they they were they were as adamant as we were. The wanted this this environment to be as secure as possible so I think mobile wallets will always drive security purity..
"bank" Discussed on Bank-Fintech Fusion
"And we're upstairs from the chaos. That is money. Twenty twenty so welcome. Seth a filled great to be with you. So so you could have done anything in the world. Seth and you chose to do a financial services what what drew you to it. was there a particular problem or issue. that you thought you could solve. Or what was the attraction so I actually came into the financial services world Through a pretty roundabout way. I actually started out my career as a strategy edgy consultant in the airline industry Interestingly enough and I used to consult for For Airlines my I had the privilege legit actually negotiating aircraft purchase contracts. For a long time I bought about twenty billion dollars worth of airplanes which was a lot of fun? That job Bob Had Me traveling around the world Doing doing a lot of interesting Work for that industry and then I my first foray into financial services was I moved over to American Express and I led their global airline strategy group and so worked with business leaders across the various business units at Amex. If you know anything about Amex they do a lot in the travel space. They have a large travel agency. They're huge merchant acquirer for airlines And so they wanted someone who really understood that industry and so I kind of got to bring my airline expertise to Amex and they taught me about financial services. And so I got a good broad view about the issue or side in the merchant acquiring side at Amex Amax The problem that I set out to solve I think having grown up in the Airline industry from professionally really The airline businesses ultimately. It's a network business and actually payments Eh. Financial Services is also a network business And so I think there are some really interesting parallels That that were at play that just made things kind of click for me And made a lot of sense since And I think for me now at green dot you know we're able to read I think an inflection point of being able to transform how people receive financial services and how people do banking and. I think it's just really exciting. I heard a fascinating statistic about airlines. Recently we that the value of their rewards programs exceeds the market caps of the airlines themselves which just struck me as amazing. That is pretty impressive. I'd say that was was more true about ten years ago Since consolidation happened in the airline industry their profit margins have gone up a a lot But that certainly was true for a long time. So you're saying I'm ten years out of date what's permission Asian sticks around long time. What's the most important lesson you've learned in your career either Since you've been in financial services or or before this isn't really A financial services specific lesson for me but I will say in particular in the last couple of years I used to think that business. This was about who had the best strategy who had the best tactics and that was. What made you win? And I'm realizing now At this stage of my crew that actually business is a war for talent. The best people the best talent wins and the best companies can attract the best talent and the best talent executes the best strategies in the best possible way and so For me that realization it has been a real A tiffany for me of just how I think about building a team how I think about What we do as a company and it really is about? How do I get the best players on my team working with me? What's the biggest challenge facing green in dot right now? We're going to get into a little later. All the stuff that you're doing I would say Our biggest challenge is one around education so greenhouse been around for twenty years there's we really create our founders Steve Street Was the the the innovative mind that created the whole concept of the reloadable debit card which took a bank account and turn it into a consumer products. You could buy off the shelf and that was our core business for a long time. Our big challenge is one on education of helping people understand that while that is still an important part of our business and we still sell a lot of cards at at retailers Taylor's like Walmart and CVs and Walgreens we have this new business called banking as a service and it's an increasingly important part of what we do And it's really exciting. You know we have a tremendous partners like Uber That just announced a year a further expansion of that partnership Apple into it it stash and so the the B. Two B. Aspect of creating custom banking programs. is really unique It's really neat. Part of what we do. And it's really exciting and I think people who have followed green dot a who know green dot as Prepaid cards hang on J. Hooks. There's still that education challenge for us to say. Well that is. Yes we do that but we also do this other another thing. That is really exciting. is changing the landscape of banking right now. Green dot is maybe the preeminent example of a bank working within tax six. What is the key to working with Fintech effectively slots? That's an interesting question. I think there's a lot to it I think fundamentally fundamentally it's about Understanding we agreed are pretty unique in that we started out as a tech company. We were founded as the Tech Company and a program manager and then we bought a bank And so it's pretty unique. We have the tech DNA and and so we speak tech versus other banks that Are In this space. You know they were always banks and so it it's harder it's not in their DNA to work at the speed of tech to do things like rapid prototyping into you know the tech ethos of fail fast and and move on and break things. That's just not being agile being agile. That's that's just not a a a typical bank approach And so you know it's really important that we we really Honor our tech DNA and we bring that to bear with our partners. And I think it creates a really productive relationship between us and our partners so you know I think the key What makes an effective partnership is a really good understanding of each partner and understanding their needs? And once you've decided you're going to partner with a particular company and I'm sure there's a long process leading up to that. What what determines success how do you? How do you in Fintech arrive at a decision about what will make this partnership successful? We pride ourselves in creating products that meet strategic goals for our partners and each partner has its own specific goal that they're looking for so for example Blooberg which we were just talking about it but you know the driver card product. The driver count product is really the purpose of that product is actually to drive loyalty not and retention For their drivers they really make a fantastic experience for them. You look into it. For example we have the the The turbo herbal card. You know it was really about turning that relationship from once a year at tax time relationship into something that would last year round. It'll it'll be an engaging ongoing touch point with that user and you look at stash is about adding a new a whole new set of services his to round out a financial picture for stash users and to create this you know fantastically engaging new product for them and so each partnership has its own reason for being in the metrics. That are you know whether it's driving loyalty driving engagement driving retention those they tend to be the the the key things that are important for them so green dot is a technology company. As you mentioned. That's that's in its DNA. What currently we developing technology do you think has the most potential to benefit either? Financial Services is a space or or you guys in particular what are you. What are you keeping your eye on I? Do you think we are just scratching the surface on AI That probably you could probably give that answer that same answer in twenty different industries But I think it is going to be particularly relevant for For Financial Services. I think it's GonNa have implications around customer service. It's GonNa have implications around fraud. Risk Management Every area of our lives in fact rate is gonNA play an incredible incredible role. Yeah totally totally agree So that's probably the the the the area that has tremendous upside opportunity. So Green Dot is taking the stage today with multiple partners. We're here at money. Twenty twenty and I think you're involved in building those relationships have how do you go about building and maintaining those relationships with With companies companies. What does that? What does that process look like? Well it's a long process. It's a lot patience. Lots of patience The Way I organize this is my team. I had the belief that there is significant value in having people in Business Development and what I do who have deep understanding of particular verticals and so I've got folks on my team that have deep understanding of the GIG economy platforms platforms. I have folks who are focused on investment advisor and wealth management. I have folks who are really thinking about the small business segment. It's an area area that we're you know we're very excited about. There's lots of opportunity there. So what does the process look like. It's a lot of you know going to conferences like this Sitting down meeting with people. You're listening and like really deeply listening to. What are the challenges that they face? What are the things that they're trying to achieve and and then thinking about our assets and capabilities and thinking about how can we put that together to create something that meets their goals You know I say it be. She is really about listening deeply understanding a need and then tying it back to a set of capabilities and assets that we have that can can then create something new for parts. It's it's it's really fun. You know my job is kind of like we get to create new businesses Mrs With partners that are really exciting. So it's a lot of fun so last question. You came out of a regulated industry the airline industry and now you're another regular industry but you're meeting with start. UPS that are maybe not as sophisticated around the compliance regulations aspect. How do you how do broach that topic and how do you? How do you work all that stuff out? I think you know particularly in Silicon Valley Yale. You mentioned that the you know their their philosophy is often move fast and break things And that's not a philosophy that regulators appreciate You know I think it's really just about being very open and very transparent and we sort of position ourselves as a guide you know we are the we've done this before. We've launched a lot of programs. We operate at scale and we can really be a trusted adviser to fintech startups that are looking to grow into these New Areas we've got great relationships regulators. you know we we stay up to date on on all of the regulatory environment And so I think it's really just about being that resource for our partners and helping them. Guide help guide them through the path. So thanks so much for taking the time today my pleasure anytime thanks for listening to thank fintech fusion trump..
"bank" Discussed on Bank-Fintech Fusion
"To bank Fintech fusion I am your host scarlet fever and we have an incredible guest or here at money twenty twenty and I am sitting next to the incomparable Tomfool who is senior vice president for payments identity and capital one labs at capital one so big title yes so there's no good acronym port I assure you said so. I've had the distinct pleasure of of hearing about you and and watching her. Your talks for many years now and I think it's so interesting to see how the industry at large has evolved and really what capital one has been doing so from your perspective. What drew you to financial services and when you think about that was their particular problem you set out to solve so i? I've been services now for twenty years. And so when I think about what crewman I go back. Twenty is probably also the thing that kept me is at central to people's lives at the. There's just so many things that are unlocked enabled by the ability to move move us Gainfully employed the money that people have in their in their hands and the pathway to doing most of what they wanna do in life in some form or other requires requires payments specifically and. That's such a rich experience yet. There's so much friction it. There's so many challenges in it there are so many is lack of available tools for a lot of a lot of the US population where they just can't do it. They need to effectively. A lot of people can't even access ecommerce because they don't have the tools to do that effectively and safely and so to me. That's just a credible problem to have a chance to help solve to reduce the friction reduce the fraud to make the payments.
"bank" Discussed on Bank-Fintech Fusion
"Yeah can you tell me about what you're doing now with Embiid embiid Casey. I know you're in Kansas City. At the moment I think yet I am in Kansas City. Right now yeah we so basically like I mentioned earlier. Our initial products on was really focused on it. Just you know helping. People Reserve Financials but later on author finances so we weren't having any money so when someone's saving money through platform we're actually moving. It was just the track they have to. You know separately go into their anger cowboy move the money or maybe they will choose not to do that. And the and and so the next stage was to be able to actually turn those into real deposits into Pluto also got Bama like experience for saving money. That's not what we like to call it and it was NBC specifically with them to Moshen F. B. O. attacks on Pluto safe. I'm so is going to be. FDIC insured and our the goal is just make it really easy for people to stay from the note that game challenges our platform into their goals. I did this same CAL and so we're really really excited about that. Were hoping to see Masha within the next couple of months so. NB Casey has been very active in ecosystem lately. what conversations conversations if you have the feminine would have said to you about their interest in Fintech in what have you seen. I guess directly since you've been there. Yeah so Casey. I've never heard of that prior to the tax arts program when I met them and that's not surprising because they didn't really start getting big on scene until I just over a year ago or so something like that within the the past two years and I think what really stood out to me with that they were the first the first nudity bank to launch in accelerator program. And so they've really. He made a huge effort to get in tech world to meet as many tech companies and boundaries as possible understand how they can Arner with them and not not not only the Obviously want to get more to audits right Ebony. Bank does but they also genuine. The habit mission to approve the financial health the Americans so you know take a look at consideration thick website or they'll list out missions. They have around the end. Our conversation as with them wasn't just around. How do we increase audits? It was really around House Pluto into this changing mask wrapped in tech in terms of helping to improve the Financial Ashok Americans in and all the things I mentioned earlier about. Thanks struggles to understand our customers paint Eric. Few right now we're very refocused on upbeat AC- ran but you know in the future could be a potential ways for us to be able to work in closer Yelling Kudo onto more for evil and so everything would just rely. We've talked them in so we wanted to join because of their Michigan folks coach. Do they have a dedicated team. fintech engagement engagement team or is it. How does how does it? How does that structure your your engagement? Yeah so they do. They do I think it's a little bit informal. I don't want to speak for them but they so you have a team in Texas And specifically with Albacete Tech Program. That's kind of one of their primary vehicles engaging with startups on it's a program were they For the sixth startups. I'm to invest in Fifty grand each of focus is entirely on building out that partnership with the the bank and some of the companies are already had army shipped with Mike we already had partial Casey prior to joining this city in program and because he definitely is is released acidic in their strategy right. So you're you're very specific a about Gen Z.. So because you're dealing with college students the the industry as as a whole I think. Tends to lump millennials Gen Z.. Together but obviously you see a difference between them. Do you see a slightly older cohort as your potential customers as well or you really sticky to that to the College Age specifically. Yeah so opening. Our goal is to be able to grow our customers. Immerse College is kind of starting point. We will lead when you. That's Isis released dark matter to the action that you're taking more so than any the other other partner life stage from the universe from behavior standpoint are certainly universal or any national offices or anyone. That's looking for more approachable. approachable way to start managing your finances but just in terms of our ranting on our strategy reaching the details of products of the features that we have we I tried to focus on the coliseum. On example is that we have each. That's called up here comparison where our users can actually anonymously finances to. Did anyone else liked them. Even Saint Hollis Kansas. And that's an interesting behavior ship because the older generation are going to be a lot more hesitant in wanting wanting to even shared her finances. Even if it's anonymous there's a lot more concerned about that but This younger generation because they grew up in this world of social media inscribing all of that. They're actually a lot more social validation driven than anyone else ever been that we built that you're actually because abuser people were asking us. Hey like like I don't know what it means. When when I'm told that I spend an average of one hundred dollars on eating out each it is that is that good? You don't really have context. And so the whole point of this feature is that we give them that actual data that you never had access to the four. How benchmark thirty eight year out? Or maybe they see that they're doing the lot earned everyone else and they'll feel good about solveig. There's a lot of ways you that eight of a generally speaking more of a Gen Z.. Easier than it is of a colonial feature. How are you managing user feedback? How are you how are you? What are the feedback? Loops that you have set up to hear from customers. Yes yes so. We have in common our APP and so we will trigger up messages based on up their usage frequency to that just to ask for feedback. I'm at different points and so just try to automate as much as possible based on actions that you're taking and who they are. You mentioned earlier. That banks are our C. driven in a lot of cases their interests aren't aligned with users. How do you and other startups that? You've talked to in the FINTECH space. How Oh you view than working with banks is it? You want to drive them to build better products. Or how do you want that. Have you want that to work right. Now a lot of revenue for banks are GONNA come from sending all these fees everything right but there is this shift happening banks are realizing that the world is changing right. That's not customer for losing customers because of the business that they have and they're cautious adapted. The problem is that it's really difficult for me to suddenly shock streams and so in the way we see that is likely the world's changing they know that these practices at no Financially elaborate Costner's. I'm very well aware of it with a against infrastructure screen. That already had they are run. A business it GONNA make a lot of money. And those startups provide a mediary for that to achieve that without having to do with all south and so for us like yes. No thanks for this huge generation of consumers which I think is really important I think on a broader level. You know we specifically are working with A. We're not working with the Big Bang. We're not working. The American Revolution was empty. Casey of which is a community right and so naturally Incentives are a little different communities. They certainly are more athletic and caring about customers. Financial Elton helping the community and out of the tradition. And so that's certainly a big arthit. Bank is South Waspy Harper World of where. It's almost like an anti bank and so it works really are harsh but that align with exactly what we're trying.
"bank" Discussed on Bank-Fintech Fusion
"Yeah can you tell me about what you're doing now with Embiid embiid Casey. I know you're in Kansas City. At the moment I think yet I am in Kansas City. Right now yeah we so basically like I mentioned earlier. Our initial products on was really focused on it. Just you know helping. People Reserve Financials but later on author finances so we weren't having any money so when someone's saving money through platform we're actually moving. It was just the track they have to. You know separately go into their anger cowboy move the money or maybe they will choose not to do that. And the and and so the next stage was to be able to actually turn those into real deposits into Pluto also got Bama like experience for saving money. That's not what we like to call it and it was NBC specifically with them to Moshen F. B. O. attacks on Pluto safe. I'm so is going to be. FDIC insured and our the goal is just make it really easy for people to stay from the note that game challenges our platform into their goals. I did this same CAL and so we're really really excited about that. Were hoping to see Masha within the next couple of months so. NB Casey has been very active in ecosystem lately. what conversations conversations if you have the feminine would have said to you about their interest in Fintech in what have you seen. I guess directly since you've been there. Yeah so Casey. I've never heard of that prior to the tax arts program when I met them and that's not surprising because they didn't really start getting big on scene until I just over a year ago or so something like that within the the past two years and I think what really stood out to me with that they were the first the first nudity bank to launch in accelerator program. And so they've really. He made a huge effort to get in tech world to meet as many tech companies and boundaries as possible understand how they can Arner with them and not not not only the Obviously want to get more to audits right Ebony. Bank does but they also genuine. The habit mission to approve the financial health the Americans. So you know. Take a look at consideration thick website or they'll list out Missions they have around the end. Our conversation as with them wasn't just around. How do we increase audits? It was really around House Pluto into this changing mask wrapped in tech in terms of helping to improve the Financial Ashok Americans in and all the things I mentioned earlier about. Thanks struggles to understand our customers paint Eric. Few right now we're very refocused on upbeat AC- ran but you know in the future could be a potential ways for us to be able to work in closer Yelling Kudo onto more. You're evil and so everything would just rely. We've talked them in so we wanted to join because of their Michigan folks coach. Do they have a dedicated team. fintech engagement engagement team or is it. How does how does it? How does that structure your your engagement? Yeah so they do. They do I think it's a little bit informal. I don't want to speak for them but they so you have a team in Texas And specifically with Albacete Tech Program. That's kind of one of their primary vehicles engaging with startups on it's a program were they For the sixth startups. I'm to invest in Fifty grand each of focus is entirely on building out that partnership with the the bank and some of the companies are already had army shipped with Mike we already had partial Casey prior to joining this city in program and because he definitely is is released acidic in their strategy right. So you're you're very specific a about Gen Z.. So because you're dealing with college students the the industry as as a whole I think. Tends to lump millennials Gen Z.. Together but obviously you see a difference between them. Do you see a slightly older cohort as your potential customers as well or you really sticky to that to the College Age specifically. Yeah so opening our goal is to be able to grow our customers merce. College is kind of starting point. We will lead when you. That's Isis released dark matter to the action that you're taking more so than any the other other partner life stage from the universe from behavior standpoint are certainly universal or any national offices or anyone. That's looking for more approachable. approachable way to start managing your finances but just in terms of our ranting on our strategy reaching the details of products of the features that we have we I tried to focus on the coliseum. On example is that we have each. That's called up here comparison where our users can actually anonymously finances to. Did anyone else liked them. Even Saint Hollis Kansas. And that's an interesting behavior ship because the older generation are going to be a lot more hesitant in wanting wanting to even shared her finances. Even if it's anonymous there's a lot more concerned about that but This younger generation because they grew up in this world of social media inscribing all of that. They're actually a lot more social validation driven than anyone else ever been that we built that you're actually because abuser people were asking us. Hey like like I don't know what it means. When when I'm told that I spend an average of one hundred dollars on eating out each it is that is that good? You don't really have context. And so the whole point of this feature is that we give them that actual data that you never had access to the four. How benchmark thirty eight year out? Or maybe they see that they're doing the lot earned everyone else and they'll feel good about solveig. There's a lot of ways you that eight of a generally speaking more of a Gen Z.. Easier than it is of a colonial feature. How are you managing user feedback? How are you how are you? What are the feedback? Loops that you have set up to hear from customers. Yes yes so. We have in common our APP and so we will trigger up messages based on up their usage frequency to that just to ask for feedback. I'm at different points and so just try to automate as much as possible based on actions that you're taking and who they are. You mentioned earlier. That banks are our C. driven in a lot of cases their interests aren't aligned with users. How do you and other startups that? You've talked to in the FINTECH space. How Oh you view than working with banks is it? You want to drive them to build better products. Or how do you want that. Have you want that to work right. Now a lot of revenue for banks are GONNA come from sending all these fees everything right but there is this shift happening banks are realizing that the world is changing right. That's not customer for losing customers because of the business that they have and they're cautious adapted. The problem is that it's really difficult for me to suddenly shock streams and so in the way we see that is likely the world's changing they know that these practices at no Financially elaborate Costner's. I'm very well aware of it with a against infrastructure screen. That already had they are run. A business it GONNA make a lot of money. And those startups provide a mediary for that to achieve that without having to do with all south and so for us like yes. No thanks for this huge generation of consumers which I think is really important I think on a broader level. You know we specifically are working with A. We're not working with the Big Bang. We're not working. The American Revolution was empty. Casey of which is a community right and so naturally Incentives are a little different communities. They certainly are more Apathetic and caring about customers financial. Elton helping the community and out of the tradition. And so that's certainly a big arthit. Bank is South Waspy Harper World of where. It's almost like an anti bank and so it works really are harsh but that align with exactly what we're trying.
"bank" Discussed on Bank-Fintech Fusion
"Good to have you here Tim. Absolutely so tell me briefly what problem Lem Pluto money is solving. Yeah you know. We are building banking platform death specifically going after serving generation Ecologie and the biggest biggest problem that this young generation as is financial inaction. It's basically that active doing nothing your finances and it's because they're really overwhelmed overwhelmed with their finances really stressed out or they have really busy lives and they can't find time to do it and really also that they're just not really any solutions out there on that are making it easy for them to take action and making money management approachable and so the question is how do we help his generation take the first steps towards. It's their financial goals and to get them to not make the same mistakes. That previous generation That's resolving do you have experienced firsthand experience agreeance with a trouble managing money. Is this out of a personal thing for you. Definitely so wanted to read to start. It was because when I was in college at Ucla. I ask some pretty good internships making pretty good money or a college student bought. I ended up spending all my paychecks and didn't save a seal San and gone credit credit card debt on top of the student that already in and I actually saved more money in high school in College. which is a very basing but you you know that that was a big driving factor into knee realizing what a big problem? This was my co-founder Susie. Tim Archie Officer. She also struggled with finances the same time but she had dropped out of seven different colleges or UCLA or financial reasons and when she got the UCLA She ended up successfully graduating but but also had to give up on her dreams of study abroad program in arseny which because she had a panic attack and realized she didn't have a savings account kind of cardinal. No idea media out. She was actually going to be with for that program. And so we got together and just realized that it wasn't just the problems that we rix air sing but led millions of thousands. Were to ride just from talking to one hundred students but also a lot of secondary research at paints very alarming picture of just the State of college suit center finances. So do you think this is different for young people of this generation because of obviously we know about the the massive student debt burden invest. That's greater than previous generations is that the major differentiating factor. So that's part of it is. There's a lot of reasons why this generation Z.. Generation Z.. Is Ages eight to twenty or just for context. So they're already workforce millions are in college. I'm a big part of how they're different is environment that they grew up in the writing student. Debt is the part of it the generation Z.. Young adults and teenagers are growing up seeing the student. Debt crisis blow up incidental running back mind which is why they're actually trying to avoid getting incident as much as possible. They preferred that over credit for that reason. And so something that definitely undermined. There are in colleges trying to find alternative ways of education without Avondale payslip money other environmental factors would also be that they saw the great session Parents go through that. And maybe nate solder Struggled to find jobs after graduating college in so just generally speaking. The mindset generation has a lot more conservative and motivated around finances. They actually want to get ahead their financial goals meaning that they are cautiously trying to would say mistakes that other generations nations made because they know what negative pack from the life but the problem. Is that the solutions out. There are meeting the needs that they have. And so. That's why we that's why we're going to necessarily be designed to to to work and connect with this younger generation consumers on to to help them achieve what they want cheese. Why do you think banks aren't helping more with this problem or or just put differently? A syntech seems to be taking this on on mass. So you've got to stand out from a bunch of different APPS targeting young people but why do you think the the more mainstream of financial services is not doing the same. Yeah I think the first thing is that banks could care less about financial health consumers when you're talking about their motive is to make a lot money and the other a lot of revenues come from Aden these overdraft in lending all that so just naturally those at revenue streams our alliance sooner financial also. That's very birthday intern. This specific demographic so banks actually do not all of them but there are banks that tried to capture the market ever going after all the students and you might be familiar with back in. I think the sometimes sometimes to thousands of even nineties banks were at all campuses just handing out free stuff to get people to to download their design for remained account Out On campus get credit cards etc.. Clearly see all the students because they know that they can get a college student as a customer during life stage are likely to stay with them for a long time right. Like I don't know about you but I know people that are in their thirties forties fifties sixties. Whatever that as the same Kappa they had in college is still there they might. It might not be there everyday. Cathy so happy. And probably I'm guessing a lot of them are doping knowing it But I think the problem in that they have spent a lot of money to our customers. And when you're talking about all the students it is true that they're not going to have as many assets as someone it might be in their late twenties early thirties forties right. They're just kind of starting out or becoming for Simon Volts. They're starting to be independent prefers time and so the time it takes to realize realized that. LTV Of that customer is you know it takes some time for that to happen and so when you take into account the cost of a big customer did not kind wait to get that value. It's the art went to reconcile right. And so that's why a lot of base end up China Okasan people that were assets or maybe people that are in a lot more debts right more more More likely to borrow money and all that and so what we're doing differently here was unique about that because no not a not a traditional traditional financial weaken the fire osteen's customers at much cheaper costs and at a much bigger scale to because our it's not banking Clue money to build a better bank. Bill clue money to solve real financial health problems that all students have and baking just happens to be a piece of that solution right and so when we approach universities were not going up to them. Hey we want to basically pay you. Millions of dollars that get cost of the customers is more like hey we we are on mission to help students become more financially healthy and that has value to the university ecosystem. It improves attention rate. These the reason student will drop out of college for financial reasons You know it will also increase the success of students that graduated from college and increase the rate of nations alumni back so many benefits of financial health perspective and also university that we provide outside of just banking. So we're decide. No from mental leveler approaching is really different from a traditional institution. I do think it's encouraging that young people today see much more aware of their finances. And maybe it's the fact that they have a supercomputer in their pocket with their smartphone that they have access to these things. But I do think there's a lot more a win and also as you said goat not seeing your parents go through financial struggles. Do you remember yourself when you became aware of up money as a thing or something that needed to be managed rather than just something so you know passive in your life certainly on it was certainly do family right My family my parents are the grits and immigrated from Kaplon on Ninety S. My father has a classic to valley story on Cater earthy dollars pockets in started a computer company it really well was acquiring companies in the late eighties early. Two thousand into the economy crashed right and that that certainly center Amalie our downward spiral Arrow in and so growing up there was a lot of money that an education and you know sacrificing their own sauce for children which which I have a lot of probation for but they do things like even giving up on life insurance just to be able to fund education. I mean things like that right and it's just crazy to think about so really starting hitting me I think. Especially when advocate incision round college right and we have apt to zooming in on is my my sister was going to New York University or thousand pop choice for me. Ucla right and it's in state. And so I say a lot of money for my sister you're going to advocacy taper off. It costs is really expensive right and so just seeing the financial pressure that these decisions on parents certainly made me a lot more aware aware of just how hard money was to come by and I really started thinking about that. Is that shared at college. I honestly didn't really think about body Audie us for the first couple years of college in the sense of light. Yes I was always worry tonight enough money but I never really thought about getting edited or say but it wasn't wasn't really until I I literally realise like at one point rows like. Oh I'm making a lot of money to serve Inter Shits and in the end of the summer have my bank account. Nothing that was like. We're really like how did that happen right. And so you know for some people having earlier for some people as happens later you know. I think it's always it was released. Note that instance through internship or for me personally that was where the biggest trigger point where it should me to do something about it. Yeah I think there's a fleeing awareness that hits hits everyone at a different a different stage in life some some younger some some older so You so so puto graduated from techstars. Can you tell me a bit about that experience. Sure yeah we were part of the Barclays Accelerator Power Techstars at university last fall. It was an incredible incredible experience It was it wasn't until early. Twenty eighteen where we started thinking about making Weaver Started Budo acting twenty sixteen. We you're just really focus on financial health right and it was really a layer on October finances and we're using and we still are usually behavior science to change people's relationship with money but over time we quickly realize that. Make a real people's finance Louis Hater behavior. We have to integrate donating and be in that cash cash flow in their day to day. Lives Otherwise you know. It's really easy to know. Shown things like show mission to them but to jeopardize the results is really difficult achieve achieve and so it kind of came timing program right arc. Liaises wanted to biggest player in tech in your city and advocates does this and and it was not for us to really immerse ourselves more incident making role ended integral and to start understanding our banks odd because we weren't looking for our ships. You know we were exploring white label solutions like Walla and all that we had also heard about on the path of being directed partner with banks which was our preference taught at Alpha for that it indeed was really helpful for that or Barclays is one of our actors in we were able to meet our current up a partner and because the bank up through the text for actually and so it certainly helped take cluedo to a whole `nother level..
"bank" Discussed on Bank-Fintech Fusion
"Good to have you here Tim. Absolutely so tell me briefly what problem Lem Pluto money is solving. Yeah you know. We are building banking platform death specifically going after serving generation Ecologie and the biggest biggest problem. That is John Generation as is financial inaction. It's basically that active doing nothing your finances and it's because they're really overwhelmed overwhelmed with their finances really stressed out or they have really busy lives and they can't find time to do it and really also that they're just not really any solutions out there on that are making it easy for them to take action and making money management approachable and so the question is how do we help his generation take the first steps towards. It's their financial goals and to get them to not make the same mistakes. That previous generation That's resolving do you have experienced firsthand experience agreeance with a trouble managing money. Is this out of a personal thing for you. Definitely so wanted to read to start. It was because when I was in college at Ucla. I ask some pretty good internships making pretty good money or a college student bought. I ended up spending all my paychecks and didn't save a seal San and gone credit credit card debt on top of the student that already in and I actually saved more money in high school in College. which is a very basing but you you know that that was a big driving factor into knee realizing what a big problem? This was my co-founder Susie. Tim Archie Officer. She also struggled with finances the same time but she had dropped out of seven different colleges or UCLA or financial reasons and when she got the UCLA She ended up successfully graduating but but also had to give up on her dreams of study abroad program in arseny which because she had a panic attack and realized she didn't have a savings account kind of cardinal. No idea media out. She was actually going to be with for that program. And so we got together and just realized that it wasn't just the problems that we rix air sing but let millions of other options were to ride just from talking to one hundred students but also a lot of secondary research at paints very alarming picture of just the State of college suit center finances. So do you think this is different for young people of this generation because of obviously we know about the the massive student debt burden invest. That's greater than previous generations is that the major differentiating factor. So that's part of it is. There's a lot of reasons why this generation Z.. Generation Z.. Is Ages eight to twenty or just for context. So they're already workforce millions are in college. I'm a big part of how they're different is environment that they grew up in the writing student. Debt is the part of it the generation Z.. Young adults and teenagers are growing up seeing the student. Debt crisis blow up incidental running back mind which is why they're actually trying to avoid getting incident as much as possible. They preferred that over credit for that reason. And so something that definitely undermined. There are in colleges trying to find alternative ways of education without Avondale payslip money other environmental factors would also be that they saw the great session Parents go through that. And maybe nate solder Struggled to find jobs after graduating college in so just generally speaking. The mindset generation has a lot more conservative and motivated around finances. They actually want to get ahead their financial goals meaning that they are cautiously trying to would say mistakes that other generations nations made because they know what negative pack from the life but the problem. Is that the solutions out. There are meeting the needs that they have. And so. That's why we that's why we're going to necessarily be designed to to to work and connect with this younger generation consumers on to to help them achieve what they want cheese. Why do you think banks aren't helping more with this problem or or just put differently? A syntech seems to be taking this on on mass. So you've got to stand out from a bunch of different APPS targeting young people but why do you think the the more mainstream of financial services is not doing the same. Yeah I think the first thing is that banks could care less about the financial health consumers when you're talking about their motive is to make a lot money and the other a lot of revenues. Come from Aden these overdraft in lending all that so just naturally those at revenue streams our alliance sooner financial also. That's very birthday intern. This specific demographic so banks actually do not all of them but there are banks that tried to capture the market ever going after all the students and you might be familiar with back in. I think the sometimes sometimes to thousands of even nineties banks were at all campuses just handing out free stuff to get people to to download their design for remained account Out On campus get credit cards etc.. Clearly see all the students because they know that they can get a college student as a customer during life stage are likely to stay with them for a long time right. Like I don't know about you but I know people that are in their thirties forties fifties sixties. Whatever that as the same Kappa they had in college is still there they might. It might not be there everyday. Cathy so happy. And probably I'm guessing a lot of them are doping knowing it But I think the problem in that they have spent a lot of money to our customers. And when you're talking about all the students it is true that they're not going to have as many assets as someone it might be in their late twenties early thirties forties right. They're just kind of starting out or becoming for Simon Volts. They're starting to be independent prefers time and so the time it takes to realize realized that. LTV Of that customer is you know it takes some time for that to happen and so when you take into account the cost of a big customer did not kind wait to get that value. It's the art went to reconcile right. And so that's why a lot of base end up China Okasan people that were assets or maybe people that are in a lot more debts right more more More likely to borrow money and all that and so what we're doing differently here was unique about that because no not a not a traditional additional financial institution weaken the fire osteen's its customers at much cheaper costs and at a much bigger scale to because our it's not banking Clue money to build a better bank. Bill clue money to solve real financial health problems that all students have and baking just happens to be a piece of that solution right and so when we approach universities were not going up to them. Hey we want to basically pay you. Millions of dollars that get cost of the customers is more like hey we we are on mission to help students become more financially healthy and that has value to the university ecosystem it improves retention rate. These the reason student will drop out of college for financial reasons You know it will also increase the success of students that graduated from college and increase the rate of nations alumni back so many benefits of financial health perspective and also university that we provide outside of just banking. So we're decide. No from mental leveler approaching is really different from a traditional institution. I do think it's encouraging that young people today see much more aware of their finances. And maybe it's the fact that they have a supercomputer in their pocket with their smartphone that they have access to these things. But I do think there's a lot more a win and also as you said goat not seeing your parents go through financial struggles. Do you remember yourself when you became aware of up money as a thing or something that needed to be managed rather than just something so you know passive in your life certainly on it was certainly do family right My family my parents are the grits and immigrated from Kaplon on Ninety S. My father has a classic to valley story on Cater earthy dollars pockets in started a computer company it really well was acquiring companies in the late eighties early. Two thousand into the economy crashed right and that that certainly center Amalie our downward spiral Arrow in and so growing up there was a lot of money that an education and you know sacrificing their own sauce for children which which I have a lot of probation for but they do things like even giving up on life insurance just to be able to fund education. I mean things like that right and it's just crazy to think about so really starting hitting me I think. Especially when advocate incision round college right and we have apt to zooming in on is my my sister was going to New York University or thousand pop choice for me. Ucla right and it's in state. And so I say a lot of money for my sister you're going to advocacy taper off. It costs is really expensive right and so just seeing the financial pressure that these decisions on parents certainly made me a lot more aware aware of just how hard money was to come by and I really started thinking about that. Is that shared at college. I honestly didn't really think about body Audie us for the first couple years of college in the sense of light. Yes I was always worry tonight enough money but I never really thought about getting edited or say but it wasn't wasn't really until I I literally realise like at one point rows like. Oh I'm making a lot of money to serve Inter Shits and in the end of the summer have my bank account. Nothing that was like. We're really like how did that happen right. And so you know for some people having earlier for some people as happens later you know. I think it's always it was released. Note that instance through internship or for me personally that was where the biggest trigger point where it should me to do something about it. Yeah I think there's a fleeing awareness that hits hits everyone at a different a different stage in life some some younger some some older so You so so puto graduated from techstars. Can you tell me a bit about that experience. Sure yeah we were part of the Barclays Accelerator Power Techstars at university last fall. It was an incredible incredible experience It was it wasn't until early. Twenty eighteen where we started thinking about making Weaver Started Budo acting twenty sixteen. We you're just really focus on financial health right and it was really a layer on October finances and we're using and we still are usually behavior science to change people's relationship with money but over time we quickly realize that. Make a real people's financially hater behavior we have to integrate donating and be in that cash cash flow in their day to day. Lives Otherwise you know. It's really easy to know. Shown things like show mission to them but to jeopardize the results is really difficult achieve achieve and so it kind of came timing program right arc. Liaises wanted to biggest player in tech in your city and advocates does this and and it was just an opportunity for us to really immerse ourselves more incident making role ended integral and to start understanding our banks odd because we weren't looking for our ships you know we were exploring white label solutions like Walla and all that we had also heard about on the path of being directed partner with banks which was our preference taught at Alpha for that it indeed was really helpful for that or Barclays is one of our actors in we were able to meet our current up a partner and because the bank up through the text for actually and so it certainly helped take cluedo to a whole `nother level..
"bank" Discussed on The Bank Account
"Thank you for joining us today before we get today's substance, one housekeeping matter. For those of you who are parents fans of banking podcasts, which I would have to assume everyone listening, except those related to me. We recently republished the FDIC's podcasts on the financial and banking crisis. This was actually a seven part series, the FDIC published earlier this year, but they didn't make it easy to listen to it in a podcast app. So we've tried to make it a little easier. If you go to Bank BC L, P dot com by say June, or so of two thousand nineteen should be able to scroll down and see a post titled FDIC podcast on the financial and banking crisis. There's full instructions they are or Google. Your friend should be able to find it. But there are instructions to listening to that podcast. Same place. You're listening now to the Bank account feel like it's a good metaphor for interpreting regulatory guidance seems like there's paralells there that we try and make it a little bit easier to understand that guidance. That, that's a good point as you have heard I enjoyed today in the studio by two of my partners can knock in Bach who you just heard, and Jim McAlpine, Ken is kind of like me kind of gator, actually played offensive line different gated rob different Gators, I still like you can fair enough still good. But offensive line for Allegheny college in Pennsylvania, and by Jim McAlpine an Alabama fan, but we'll try and keep his comments to a minimum at this point. Don't know how to respond to that, to Florida fan. Rob, maybe eventually, you'll see the SEC championship again. Ouch with that in line, we have to get to some substantive comments, or I'm just going to be heartbroken for the rest of the day and probably for a while, at this point. Point topic today is emphasized in my mind by a recent Bank director story with the headline being seventy seven percent of Bank boards. Approve their loans. Is that a mistake? And when I wrote about this on Bank. BC L P. I changed the headline to seventy seven percent of Bank boards commit this mistake. So I think that makes my overall position pretty clear, but I guess I Jim you and I were both recently at the Bank director board training forum where we led. Some peer groups where this topic came up among the larger banks. It was kind of one of the bankers asked anybody still have their boards, approve loans and there was just silence. Nobody did it. And then we had a peer group of smaller banks and all of those directors said, yes, we still approve loans and why wouldn't we you and talk some about that pure group exchange in the Bank director or? Training program. I absolutely raw. I let me start with the Bank director sponsored board trading forum, which was a Nashville, Tennessee few weeks ago for those of you who are not aware of that program. I'd I'd recommend you check it out for next year. It has been held in Chicago, I guess, past few years. This year was brought down south to Nashville. There was a record number of ten DS, I think, approaching three hundred and fifty all of whom were directors. What I found remarkable about this conference was that the overwhelming majority of, of ten days, I think, well over seventy percent were outside directors. So, and there were several banks brought their entire board which is a really good way for board members to stay abreast of current developments talked to boards from other parts of the country. There were bankers there all the way or board members all the way from south Florida, to Anchorage Alaska, which was was pretty exciting. We had a couple of directors from our client FM bay Alaska that were in attendance. A long way to come for a banking conference but they, they really did seem to enjoy it. This is a high quality I think content filled conference. I'd I'd recommend it in these peer groups that that Robin. I were facilitating there were groups of directors group by size of Bank. And as rob said, the larger banks when we asked the question, none of those boards, were proving loans among the smaller banks, they all were, which, I find to be fairly typical across the country, rob. I think that's your experience as well. When asked why the most frequent responses? That's the way we've done it for forty years, or fifty years or wherever along the Bank has been in practice. Or we've thought the regulators required it or state law used to require it, and we just keep doing it or we really liked to approve loans. It's our money. We wanna look after how the Bank does, and it's an interesting really interesting process, I will open this up for discussion among the three of us, but I serve on the board of a of a small. Bank in Philadelphia. I would not go anywhere near approving alone. I made that clear coming on board discuss it with the other directors. I don't think you need to as directors. But a lot of people cling to this. It's something they really hold. Dear. And we should talk about why that is Ken. Why do you think that, you know, directors feel a need to approve loans particularly at the smaller Bank level? I think I think depends a lot on the particular institution that dynamics the boardroom and the particular institution as you say, there's, there's a lot of inertia, I think in, in the industry in terms of established practice, and particularly if you're looking at a community Bank that's been operating in community. You know on a generational basis for for decades. That inertia, I think is going to be more profound than even you know, in other larger institutions, it might be, you know, I think they're all sorts of reasons why it remains attractive besides inertia. You know, some of those may be business related or connected to the directors perception of their duty and their their. Way of protecting the investors money, you know, their money their investors by very much being hands on in the in the decisions that are made in in where to invest that money, and, and what borrowers are credit worthy. Whether that is an accurate perception or whether that, you know, is something that did it actually, reflects the best way of managing the institution, I think, is a different story, but it's one that's hard to get objectivity on when you're in a boardroom, or you're in a situation, you know, particularly when it comes to the decision to change approaches, which is something that we've been talking to boards and management teams alike about really ever since the downturn and some of the, the litigation that came out of that Phil Bank, litigation that came out of that, that, that sought to attach liability to credit decisions in a fairly specific way so Ken, let's dig in on that a little bit because the advice here is not don't do it because there's litigation risk. Although I think we all recognize that, that's part of. Of the concern as well. But looking back at that FDIC litigation who were they targeting who were they implicitly, not targeting as a result, and can have as that then jive with what is the role of director and windows taking actions beyond that 'cause you potentially to not be viewed as a director, but instead as a Bank officer sure, and I think there's a lot of variation, you know, across the sample set of that litigation. But one thing that is fairly consistent trend. If you look at it is that there was a focus on lending decisions. Specifically that in hindsight, perhaps, we're not good credit decisions, and there was a focus on the individuals who are involved in making those decisions whether that is, you know, limiting claim to the members of alone committee, whether that is limiting particular aspects of a claim or particular counts of claim to the specific members of the committee that. Voted for a particular loan. It would sometimes get that granular. But as you say that it's easy to conflict. The sort of litigation risk as motivation with sort of the other thinking behind the decision here, which is really. I think as we look at it that the fundamental question of as a Bank director. You know, you've got a fiduciary duty to the institution, and in performing that duty you have to think about what's best for the institution, and kind of more medal level question, here is, is approving loans as a direct or something or among a group of directors on a committee is that something that for a particular institution is in the best interests that institution. And there's not you know that that's subjective. But there's not going to be a particular formula that applies above a certain threshold. Yes. Below a certain threshold. No, or in certain geographies, etc. But it is one that, that should be sort of consciously on the minds of directors in any institute. Shen thinking about is this, the most effective way for us to manage manage institution and insurance success? And, you know, I don't know how often that question gets revisited in big picture sense. Probably not as often as it should. I think that's probably right. So often when we're seeing directors loan committees in community banks, it's often structured way or loans above a certain threshold come up to the board. So these are generally the largest loans that inherently then have the greatest risk to the institution, and now instead of having professional trained bankers with extensive underwriting experience making that decision you are now having the directors make decision all of which are or at least, hopefully, most of which are successful business people. They understand the environment, but they don't have the educational background or the experience background of underwriting those loans, and just to give context for. How common it is the Bank director two thousand nineteen risks survey divided. The question between institutions above ten billion where seventy three percent of those banks did not have their boards involved in approving, loans, while four banks under ten billion eighty two percent of those boards had a role either at the board level or a director's loan committee in approving the loan. So Jim, when we say director shouldn't be approving individual loans. Are we saying they shouldn't be involved in the credit process at all or where is the right role for directors in that analysis, you certainly want your board involved in all aspects of risk management within the Bank? And with regard to the lending process, you know, the, the loan policy is the purview of the board. Certainly very much the purview the loan committee, you can construct the box within which loans are to be made within your Bank. And if management feels they need to make alone outside of that box. They can come to be loan committee directors of the full board and get some input and it doesn't mean that directors that need to raise her hands and say, I approve this loan. So I think that's an important distinguishing characteristic, that you can maintain control over the lending process, and these larger banks certainly do that without yourself having to create whatever level exposure, it is. And, and I'm sure people listening to this will say, well, my Bank will never fail. So I will. Why would I worry about an FDIC lawsuit? And you're probably right statistically, you're right. Your Bank will never fail. But the thing to look at is why did they go after those directors and alone committees because in every state there's a fairly high bar for suing directors, which is you have to establish some level of gross negligence. And in order to do that you have to have a factual basis for it. So the loans themselves, we looked at it with the benefit of hindsight. All of these loans were to borrowers not repaid them and the Bank had lost money were. Per se, bad loans, and it wasn't too hard for the FDIC investigators and plaintiff's lawyers to comb through the underwriting file and find things that probably should have been focused on a little bit more than indep positions. With these directors say, so Mr. Klingler on page forty five of the underwriting folder. We see that this gentleman, you know, had to DUI convictions and almost gaming tobacco. Did you know that? Did you read that page and why did you make this loan? If a lot of these directors they were honest, they'd say, well, the CEO said this was a good credit. So that is how a lot of these things unfold. It's just why take the risk in general. I think a lot of people listening to this probably have loans approved by directors. And we'll probably continue that path my suggestion to you is if you were going to do that educate, your directors, do not have directors on these lone committees, you know, who are local pharmacists, doctors who may understand math in general, but do not knew how to read alone, underwriting, file, put, former bankers on your loan committee, or give. Your directors extensive education in how to read and underwriting file how to detect when loan shouldn't be made what the trends are I've seen very effective director oversight by people who have that knowledge within small banks, and frankly, sometimes I'll sit there and think, boy, if it's good they're doing that. I mean, because, you know, you may or may not have the most fist gated lending people in, in some banks. And they may encounter tickly senile loans of a level they've thought not seen before and not really know how to go about it. So, so if you're going to have directors approve loans, I was just, you only have those directors who have knowledge of lending approved the loans, the analogy to me would be you would not put someone on a committee that involves heavy duty accounting, if they were not facile with the county, you just you just wouldn't do that. So I think staff your directors on the loan committee the same way that you would with your audit committee. Can I think you had some comments to for those banks that do want to continue to do it? Some thought. It's on what they need to look at for Dino insurance policy as well. Yeah. Yeah. I mean, there are a couple of things and the insurance industry, I think reacted in a number of ways to the downturn and the Bank failure crisis that, that we saw a decade or so ago in ways that would kind of further parse coverage and potentially limit coverage in certain areas. If, if someone wasn't looking closely at the insurance agreement one, one of those ways is through professional services, exclusionary language, which essentially says that if.
"bank" Discussed on The Bank Account
"Today's Tuesday may seventh two thousand nineteen welcome to the Bank account. I'm rob Klingler. And I'm joined today by Kevin strong. We're both attorneys and Bryan cave late and pays nurse financial services corporate and regulatory team as you may have gathered from the introduction. Some things have changed Jonathan hightower's left. Bryan, cave late pays now. While I'm sad to say, this means there will be a little less, Florida. Georgia banter, I'm quite pleased to say we're going to replace it with some Auburn, Florida banter hundred percent origin, blue even if we disagree as to exactly who that should be. Ultimately, I'm thrilled to have Kevin join us today to Kevin house March madness too soon too soon, but we're looking forward to football season. It's the SEC we can always look forward football season. So, unfortunately, one other thing has changed since we last recorded, and that is the patriarch of our banking group. Passed away won't mailing was an amazing lawyer both for the benefit of clients for the benefit of his colleagues and for the benefit of the profession as a whole. We have been so appreciative of the stories that we've heard about Walt from clients non-clients and even competitors. Personally. I also have to knowledge how much won't meant to me and helped me as a surrogate. Father following my own father's passing eight years ago. Well, we are all saddened by waltz passing. There is no question that the world is better off because of Walter G mailing the fourth. We have a remembrance on Bank p dot com. It'll be linked to in the show notes which itself has lots of other links to other items about Walt but also wanted to highlight to earlier podcast episodes in which Walt joined us, we'll have those links in the show notes as well. And and encourage you to go back, and listen those stories live on and we Miss World. So with that out of the way and me trying to regain my composure, Kevin it's been busy couple of weeks. It has been rob by my count. We close to him and angels, we signed up another one we close to sub that investments close the sale of mortgage division signed a purchase agreement for a registered investment advisor. And we signed. As a significant minority investment in a new Bank. So a lot going on here. But we found time to get back in the podcast studio. So Kevin, I think you raised with me an interesting topic for discussion one that we often deal with with clients. And then in fact was involved in a couple of those transactions. Tell us what that is. Sure, rob what we're talking about. Today is the ability of private companies to issue stock in a merger. And this was prompted by what we were just kind of talking around the office about a couple of misconceptions that we think are somewhat prevalent out there in the industry. The first is that if you're a private company you've got to use cash to acquire another Bank, basically that you're sort of foreclosed from issuing stock as merger currency. The second misperception is that when a private Bank decided that they do want to issue stock. They can just do that without really paying that much. They should just plan on being to do that freely without really paying attention to the securities laws, but federal and state, I think that's right. Those two misconceptions while entirely opposite of each. Or both ones that we see regularly either that there's no way to do it. Or, you know, there are no restrictions when you choose to do it. They answer is is much more in the middle. It's you need a lawyer to help through that path. That's right. So I think what we want to focus on today is really ways that a private company can issue stock and can approach a target with the possibility they would be able to issue stock in a merger in addition to or instead of cash the first path to do that is kind of an exception to the rest of the conversation. And that's if you don't have a holding company. So if you are a Bank without a holding company, you may rely on the securities exemption for issuance by banks, and you can do that in the merger. Just like you can you know day to day. That's right. So this hearkens back to one of the earlier podcast, we record where we talk about some of the benefits of having a holding company or not having a holding company, and this certainly can be one of the advantages to not having a Bank holding company is the. Temp nature of banks stock now, we won't rebroadcast that entire podcast episode. Here's Feis say there's lots of advantages as well, including the ability to take on debt to finance those merger transactions. But certainly a Bank looking to do an acquisition, even if it is an acquisition of another institution. That has a holding company does have significant flexibility from securities point of view with one significant caveat national banks as with the discussion with Bank holding companies generally under the national Bank act, the has effectively adopted all of the regulations of the SEC and apply them to national banks when it comes to security issue Ince's. So both the issuance itself has to either be registered with the OCC or an exemption. We'll talk about those exemptions shortly. And if you do register you have the ongoing periodic reporting obligations just. Like, a public company would state banks, however, have much broader ability to issue stock without addressing specific exemptions. And without concerns about undertaking a periodic reporting requirement unless they are also listing on the national security exchange. So more details than we can get into any podcast. But I think that's the Bank exception to the rest of the conversation. That's right. So the good news is if you are a state Bank without a holding company, and you don't plan on listing on a national exchange that this first option we talked about is really good for you. And you pretty much can stop listening to the podcast right now. Well, we encourage courage to continue listening, but as far as ability if you're a state Bank without a holding company, the substance of the conversation has pretty much concluded at this point. That's right. The second option, and this is almost almost cheating is not being a private company anymore. So if you decide that you really want to issue stock as merger consideration, you should consider going public. And then staying public in the way, you do that through filing the form s four with SEC. And as you probably suspect, you know, very long involved process. It's a big document it's going to be expensive upfront expensive ongoing. But particularly if you plan on doing being an acquisitive company going forward, and you plan on doing a few of these you'll have a public currency that you can use for for a string of acquisitions this
"bank" Discussed on The Bank Account
"Today is Tuesday may fifteenth two thousand eighteen welcome to the Bank account with co host Jonathon Hightower and myself, rob Klingler, we are with partners and Bryan cave. Layton pays nurse financial services corporate and regulatory team. So Jonathan I guess we figured it was time for another podcast finally got back around to it's been a hectic month or two months or three months. They all sorta roll together. But at glad to have opportunity back in here, and specifically talking about our hometown in all this going on in banking, these days there have been lots of deals this year involving the city of Atlanta. No question, you're nice enough to print out a list for us. I was going to go with six area deals, but it turns out they're actually seven if you include Georgia heritage Bank who had a little to hold in the. Say so just clicking through the sales of banks in and around Atlanta that have announced mergers on the sale side this year Hamilton St George heritage brand group charter financial landmark Bancshares first citizens financial, which is more commonly known as foothills Bank, and then of course, state Bank, which was just announced on Sunday. Happy mother's day to all the moms who worked on that deal. Bring a very very healthy premium almost getting to fifty at priced attainable books. So Atlanta is a pretty valuable asset appears and all of those deals were pretty good prices to tangible book. Yes. In a lot of two handles on there. So I think that speaks well not only to the performers. We had an Atlanta. But to the expectations for continued future growth, we were talking to someone yesterday together actually at our escort conference, and his comment was this that he is just unreal. He happens to be a kind of part time banker part. Time real estate investor, and you know, was talking about just the difficulty in getting various sub contractors to work on new construction. And we thought boy that sounds familiar. It's a little scary that we've gotten back in that spot already, but things are very hot here in Atlanta. So nice to see very exciting in many ways. Again, I think all of us still have the scars from ten years ago. So we're all little apprehensive. And based on those premiums when could say now as a good time to be selling a metro Atlanta back that is very true. The question now becomes with all this deal activity who's left to sale it's it's a thin market there. Which again brings some scarcity value into the the market you're obviously going through some some Bank lists and some numbers. We had some interesting facts that came out of that. So one thing that stood out to me was the small number of remaining opportunities to acquire a. Sizable set of deposits in the metro Atlanta market without having to also acquire sizable posits outside of the market specifically we're down to to institutions with as of June thirtieth two thousand seventeen with deposits of at least a billion dollars in the metro Atlanta area wear. You know? Community banks still so avoiding son trusts Senova says of the world, but wear those deposits represent at least fifty percent of the institution right at shorthand way of saying it is in Atlanta play going to be digestible by a mid size, Bank or regional Bank. There really are very few opportunities. I think many of us had been looking at state Bank for years saying boy when they are ready to raise their hands. They are going to do very well. Because of the bulk they offered a new entrant into Atlanta, not to mention other great markets like Augusta and savannah. So no surprise that. They would bring a healthy premium again, another well operated Bank here in the city. But as you mention if you're gonna make a big splash here Lanta that's harder and harder to do these days. Looking back at a deal that we were involved in when national commerce announced its acquisition of first landmark, they very proudly noted that it was the only opportunity with target above five hundred million and deposits, only in the big four counties in Atlanta. So again, a pure Atlanta play that brought a little size again. I know that's that's not a huge Bank in the scheme of things. But it was. Meaningful opportunity to back that will be about four billion pro forma. So again, scarcity value is there, I think. One question that arises as if there's not an MA play for you. And you still want to get into Atlanta. If you think the city is unbelievable. What's the best path to get in? You know, what what are the opportunities to to sneak in? We saw a number of different approaches both pre and post downturn. Some of which we're not really excited about as we talk to our clients. In other words, don't just establish a physical presence in the city and think you've arrived. It's it's too big of a market for that to work. And of course, branching has always been about people that seems to be the real opportunity. It's it's not that we really question any of these new entrance ability to execute at all I think the market has responded to say that they really believe in these new interests and their ability to execute here. But whenever there's change there's usually some turnover. So there's probably some talent available, and maybe that gives a new entrant an opportunity to get in without an emanate transaction. I think that's right. I expect to see there will be some movement of good talent around the state around the city and kind of who picks up those individuals with a good local platform emphasizing, you know, kind of local control. Decision making has a real opportunity to step up and be one of the next players in the cities continued growth. Absolutely. And and you make a good point there. Usually with a new entrant like that the selling point is local control local decision making. Of course, we've got seven new entrants here counting on making it work without necessarily, you know, being at home so to speak now say that Cates is going to relocate its headquarters to Atlanta Barton Morgan's gonna take on a key role at renaissance so certainly more of these out of town banks getting more of an Atlanta flavor. But in terms of an ability to execute as a new entrant in Atlanta. You know that that'll be interesting to watch. It seems to me that you know, again, it goes back to the people a lot of these folks have really focused on developing relationships with the people who will be running the markets here. And I think as long as these new entrance are very clear about their way of doing business, which I think almost all of them are if not all of them, and then empower those good people to go out and execute they've got a real chances not as if these banks are going way, there's a great opportunity here for these folks to succeed and some of the ability to succeed may also be almost flying under the radar of the overall metro scene, but identifying just a piece of the community in developing a strong community presence there. Whether it's on the north side of the town, south side of town in town size isn't everything you can have a real meaning. Presence perhaps just in a line of individual line of business and with technological advances. It may not require a physical presence in the city to have that kind of impact. That's right. I think all of these banks will probably have some sort of community set as they approach this market, which I think a red is the tent largest market in the US. That is usually not a geographic community, although we have seen banks, very successfully Bank particular neighborhoods within the city, usually it's more of an economic community. So it's you know, particular business line a particular size of business. You know, maybe you have bankers that are very involved in particular trade organizations within the city. So again, it's such a large opportunity. I think you have to break it down into more manageable pieces and then go out and execute. It's also amazing when you look at the list, the number of institutions with less than one hundred million in deposits in the metro Atlanta area. So, you know, we talk a lot at the upper end of a scarcity of institutions, but as far as players in the market, there's still a lot of that's right in Georgia. We still have a very diverse banking scene. And what that leads to is particularly. In larger markets, a very fragmented sort of bottom third of the market. Again, you expect those banks are competing for very particular business, or maybe they're in very particular neighborhoods within the NSA, which by the way is a huge MSA. When people think about Atlanta, I'm sure they're thinking about, you know, the high rises and great restaurants and the Braves even though they're not necessarily downtown anymore. Either the say, though, it goes out into scenarios that would be borderline rural. So again, it's large market. But again, a lot of banks in it. It's definitely not a North Carolina feel with a very concentrated number of banks. But we are trending in that direction, particularly in the city, and I think that may sort of project for the new look of a metro area, you can't necessarily expect for most of the players to be locally headquartered. Rob any other thoughts on the the topic or lovely hometown here. I. I think that brings us to an end of today's episode of the big account. Yeah. It'll be interesting to see again if this trend continues if they're new entrance. I think you know, all the options are in front of banks these days, and we'll see who wants to grasp that opportunity. The Bank account is a podcast series produced by the financial services corporate regulatory team of lawyers at Bryan cave. Layton pace ner this podcast is designed to provide general information of interest to bankers the statements made here in our provided for educational or entertainment purposes, only they do not constitute legal advice and are not intended creed. And it's client relationship between you and Brian gave late pays now. If you have specific questions as the application law to your activities, you should seek the advice of legal counsel.